Yield Endurance Strategic Partner Closes on Loan of 100 Bitcoins
JERSEY CITY, N.J., June 12, 2018 (GLOBE NEWSWIRE) -- Sport Endurance, Inc.’s (OTCQB:SENZ) wholly-owned subsidiary, Yield Endurance, Inc. (“Yield”), today announced that its strategic business partner, Madison Partners LLC (“Madison”), extended a loan of 100 Bitcoins under the Digital Asset Lending Program established by Yield and Madison.
In March 2018, Yield entered into a strategic partnership to create a Digital Asset Lending Program with Madison, through which Yield made available $5 million of bitcoins to Madison for lending. This most recent loan, in the amount of 100 bitcoins or approximately $0.7 million*, has been lent by Madison to an institutional investor from the initial bitcoin made available to Madison from Yield.
Under the Digital Asset Lending Program, bitcoin investors including short sellers seeking to borrow bitcoin are offered competitive interest rates over variable loan periods. Yield’s partner, Madison, through this lending program, provides institutional investors the ability to borrow cryptocurrencies to deploy market making, hedging, shorting and arbitrage strategies.
David Lelong, Chief Executive Officer of Sport Endurance and Yield Endurance, stated, “We are pleased to report that our strategic partner has executed a new bitcoin loan with another institutional investor. In a primarily retail driven market, our institutional-focused Digital Asset Lending Program will increase liquidity, help support an orderly trading environment for cryptocurrency, and encourage institutional participation in the crypto market. We look forward to continuing our build out of portfolio clients and inventory of loanable cryptocurrency assets.”
* Based on closing price of bitcoin as of June 8, 2018 according to Coindesk.
About Madison Partners
Madison Partners LLC is a FinCEN registered, regulated Money Services Business that focuses on cryptocurrency liquidity, execution, and lending solutions. Founded and led by a team with vast experience in capital markets trading, Madison Partners LLC aims to increase efficiency, transparency, and liquidity in the cryptocurrency markets. Madison Partners LLC is a part of the Rengen Family of companies (Rengen, RengenLabs, RengenX).
About Sport Endurance, Inc. and Wholly-Owned Subsidiary, Yield Endurance, Inc.
Sport Endurance develops, markets, and distributes nutritional supplement products throughout the United States. Through its wholly-owned subsidiary, Yield Endurance, and its strategic agreement with Madison Partners, Yield Endurance is focused on increasing liquidity and institutional participation in the cryptocurrency markets by providing institutional investors, through Madison Partners, the ability to borrow, hedge, and arbitrage cryptocurrencies that trade on the various cryptocurrency exchanges including Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Also, through the Company’s cryptocurrency lending program operated by its partner, institutional investors will have the ability to better manage cryptocurrency risk and increase yield to maximize return on investment for their funds. In doing so, the Company is facilitating the ability of institutional investors to participate in the fixed income opportunity of cryptocurrency lending. Yield Endurance’s cryptocurrency lending program is a diversified lending vehicle for institutional investors who are looking for managed exposure to the cryptocurrency market. For more information, please visit http://www.sportenduranceinc.com and https://www.yieldendurance.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to the future benefits of Yield Endurance’s bitcoin program including improving liquidity and attracting institutional investors and its building a portfolio of clients and inventory. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved, Important factors that could cause actual results to differ from those in the forward-looking statements include the Company’s need for capital, the future condition of the capital markets in general and the market for microcap securities, and regulatory and other developments in the markets for cryptocurrency including substantial price declines. Investors should carefully review the risk factors in the Form 8-K filed by the Company with the Securities and Exchange Commission on March 14, 2018. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Company Contact:
Sport Endurance, Inc.
David Lelong, President and CEO
646-846-4280
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
212.896.1254
Valter@KCSA.com
www.KCSA.com