Business

Taoping Inc (NASDAQ: TAOP) Entered Into Strategic Cooperation Agreement with Shenzhen IntelStrat Technology Co., Ltd and MoU to Purchase Mining Machines

Taoping Inc (NASDAQ: TAOP) signed a strategic cooperation agreement with Shenzhen IntelStrat, a blockchain technology firm that provides enterprise blockchain solutions to organizations and businesses, on July 20, 2021. A provider of blockchain technology and intelligent cloud services firm TAOP announced a term of three years. IntelStrat and TAOP will be an in-depth collaboration in three aspects. 

IntelStrat was established in 2016 and provided distributive storage, digital transformation, and data center infrastructure. Also, it includes blockchain adoption solutions for over 100 businesses and institutions and provides blockchain adoption consulting services for 300 enterprises. 

The Three Aspects of Collaboration

  • Jointly establish a data service center based on cloud rendering, distributive storage for cloud desktop, and artificial intelligence service business. 
  • Cooperatively, expand market share in blockchain adoption in businesses by applying IntelStrar’s technology to TAOP’s existing areas for potential blockchain adoption. 
  • They also anticipated establishing a blockchain industry fund and explored

 And investing in emerging blockchain companies to enhance the application of blockchain technology in more industries.  

Mr. Jianghuai Lin’s Statement

Chairman, and Chief Executive Officer of TAOP, Mr. Jianghuai Lin, said that they believe blockchain technology can provide a solution to firms facing security challenges and real-time connectedness. Also, he adds that joining with partners like IntelStrat will solve real-world business problems and bring industry-leading solutions to consumers. 

TAOP Announces MoU to Purchase Ethereum Mining Machines

TAOP signed a non-binding MoU with Denver Group Holding, a British Virgin Islands firm, to purchase Ethereum mining machines with a total rate of 500 GH/S. Following the MoU, the purchase price of the mining machines and related interests and rights are to be determined by the two firms after the completion of due diligence, which will pay in the combination of cash and restricted ordinary shares of TAOP. 

Mr. Jianghuai Lin said that TAOP is committed to developing operational hash rates and seizing significant chances in blockchain technology. Also, he adds they believe the transaction would bring value to their customers and shareholders in the future. 

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