NEWPORT BEACH, Calif., Nov. 13, 2017 (GLOBE NEWSWIRE/Korea IT Times) -- Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has made a strategic realignment in corporate direction to focus purely on blockchain technology. Fundamentally, the Company’s business model as an investor and operator in emerging technologies remains unchanged. However, structurally it will start dedicating resources solely to cryptocurrency and blockchain-linked projects with a particular emphasis on FinTech and E-Commerce applications.
At a very high level, blockchain is simply a digital decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. Information will no longer be centralized and controlled by a 3rd-party. Blockchain is the technology that enables the existence of cryptocurrency, among other things. Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. It is also the backbone of numerous other cryptocurrencies such as Ethereum and Litecoin. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. As an underlying technology, blockchain has potential applications far beyond Bitcoin and cryptocurrency. Globally, companies and financial institutions are actively exploring how they could also use blockchain technology to build next-generation business software.
Tan Tran, CEO of Vemanti, commented, “Blockchain technology is the biggest innovation after the internet. Like the internet before it, blockchain promises to upend business models and disrupt industries. We see blockchain as a foundational technology, thus making it our technology focus in our investment and acquisition plans from this point forward. Immediately, we will also start looking at making investments in Bitcoin, Ethereum, and Litecoin.”
As the greatest impact of blockchain will be seen in the financial service industry, the Company’s objective is to get involved in the blockchain ecosystem early with a primary focus in FinTech and E-Commerce applications where consumer-to-consumer, business-to-consumer, and business-to-business transactions can be conducted via cryptocurrency.
“What we’re seeing is an irreversible historical trend. We believe cryptocurrencies and blockchain technology will shape the future of digital economy and society. Besides pursuing growth opportunities in early-stage blockchain projects, we’re also planning to start applications development of our own. Vemanti has a unique advantage when it comes to execution. Our business structure allows us to utilize a vast pool of affordable and brilliant blockchain developers from Vietnam who have made the leap toward Bitcoin adoption and its core technology for quite some time now. The principle behind this strategy is to benefit from low-cost product development expenses and faster time-to-market,” further added Mr. Tran.
About Vemanti Group, Inc.
Vemanti Group, Inc. (OTC PINK:VMNT) is a Nevada corporation headquartered in Newport Beach, California. We are a technology-driven holding company that seeks to be active in high-growth and emerging markets. Our core strengths are in technology development and investment. We plan to grow through acquisition and investment in disruptive and foundational technologies by targeting early-stage businesses that have market viable products or by starting a new subsidiary of our own. Strategically, we focus mainly on early-stage Fintech and E-commerce companies based on blockchain technology. For more information: http://www.vemanti.com
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.
Vemanti Group, Inc.