TORONTO, Ontario, DUBAI, UAE and SEOUL, South Korea, Oct. 17, 2019 /PRNewswire/ -- SovTech technology firm TODAQ, the creators of the cryptographic digital asset TDN, have reached an agreement with Gratomic Inc for the purchase of US$25m of graphite. This is the first deal of its kind, with the graphite to sit in the TDN reserve backstop to further underpin the true value of deployed TDN; a key strategy behind the evolution of the TDN rewards program, as well as allowing cryptographic ownership of commodities as it is processed and traded.
Following the recent announcement of TDN's pending commercial loyalty program rollouts and BitForex listing, this first commodity buy with TDN represents a landmark achievement for the group behind it. TODAQ have set out to build a digital asset of true value and interoperability so that all businesses, people and markets can exercise strong ownership and transact quickly with security and long-term stability, with the asset reserve backstop becoming a pillar of this strategy.
Gratomic Inc is a pioneer in the mining and commercialization of graphite products, including the super-strength nano material graphene that is used extensively in the digital economy for its conductive abilities in circuit boards, along with a wide range of mass-market applications, such as with elastomer and polymer products, including the $222 billion tire market.
Speaking on the TDN for graphite deal, Gratomic Executive Chairman Sheldon Inwentash commented, "Building our long-term treasury and creating secure digital ownership of commodities that can carry an immutable history of its quality, amount, handling, testing and custody, and which can move without friction through manufacturing chains or on trading platforms is where we need to be. As we move to production, this acquisition program creates the foundation to start that focused work."
TODAQ CEO Hassan Khan added: "This is the first of many deals we are lining up to give the backstop a mixture of assets and commodities that reflect the real world, that reflect real value that can be understood by existing markets. Too often, digital assets rely on sentiment for their perceived value; we intend for TDN to have both substance and utility."
TODAQ is working on several other TDN deals, including raw materials, metal commodities and commercial deployments of TDN into consumer markets.
"Diversifying the backstop to underpin TDN's real use in the wider economy is core to our strategy. The fact that we have such a variety of asset negotiations in play gives us great confidence that what we set out to achieve is coming true; a digital asset that allows for direct ownership and control of any commodity or asset, be it physical or digital," added Khan.