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BLOK Technologies Partners with Varipay to Develop Integrated Payment Gateway Solution for Legal Cannabis Industry

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VANCOUVER, British Columbia, Aug. 01, 2018 (GLOBE NEWSWIRE) -- BLOK Technologies Inc. ("BLOK Tech" or the "Company") (CSE:BLK) (OTC:BLPFF) (FRANKFURT: 2AD) is pleased to announce that Varipay Inc. ("Varipay") and the Company have entered into a Memorandum of Understanding ("MOU") to collaborate on the development of a payment gateway to be integrated into the Greenstream Network, the blockchain-enabled supply chain integrity platform developed by BLOK Tech's 100% owned subsidiary Greenstream Networks Inc. ("Greenstream"). This comprehensive MOU outlines the strategic partnership Varipay and BLOK Tech are forming to develop business opportunities in the industry.  

"We are pleased to team up with Varipay," said Joel Yaffe, Chief Technology Officer and Director of BLOK. "The strategic partnership with Varipay will provide us with the critical infrastructure and services for processing digital payments on the secure payment gateway we are configuring using Greenstream's blockchain technology. This provides efficient transaction processing for B2B and B2C customers across the cannabis supply chain while ensuring supply chain integrity and protecting transactions against fraudulent actions."

Under the terms of the MOU the Parties agree to the following:

  • Varipay will provide payment  processing  capabilities  to  Greenstream, including API integration documentation,  onboarding  &  operational  support to facilitate the on-going development of Greenstream;
     
  • Greenstream will  collaborate  with  Varipay  to  integrate  blockchain  technology  into  Varipay's  technology solution;
     
  • Varipay and  Greenstream will  agree  on a revenue sharing model for each transaction through the Greenstream Network; 
     
  • Varipay and  Greenstream will  collaborate  and  support  each  other  in  the  development  and  improvement  of  the  payment  gateway  application,  and  the  technologies of their  mutual  go  to  market  offering. 
     
  • BLOK Tech,  Greenstream and  Varipay agree  to  collaborate  with  respect  to  the  planning  and  design  of  financial  services  technology,  blockchain  technology  integration  and  other  business  opportunities  for  the  cannabis  industry,  as  mutually  agreed.

Ray Rasouli, Founder and CEO Varipay Inc., stated: "As the leading provider of innovative payment solutions in Canada, Varipay is delighted to partner with BLOK to support their efforts and BLOK's payment gateway needs. As Canada is the world's leading cashless society, the digital payments economy will only continue grow, and our offering of state-of-the-art payment gateways combined with BLOK's blockchain solutions, will provide enhanced support to this growing sector of the Canadian economy."

About Varipay
Varipay is  currently  providing  payment  services  to  merchants  in  a  number  of  industries  in  Canada;  and  has  developed  a  unique  proprietary payment  platform.  Varipay's  open  APIs  allow  payment  SP's and  companies  to  safeguard and  transport  money  value  instantly using  a  closed-loop  network without  the  need  for  intermediaries.  Using  ultra-modern  cryptography  along  with  stringent  and  robust  bank-level  security,  the  Varipay  platform  is  purpose-built  to  withstand  North  American  compliance  regulations initially  and  to extend globally  in  the  future.

About Greenstream Networks Inc.
Greenstream is engaged in the development of a blockchain-enabled supply chain integrity platform for the legalized cannabis industry. The federal government has laid out a roadmap to have cannabis legalized nationwide in 2018. With this in mind, Greenstream is in the process of developing a technology architecture to address the supply chain integrity needs for this new regulatory environment, providing the industry the ability to manage from ‘seed to sale'. Greenstream's platform provides a unified secure solution for licensed cannabis producers, merchants, consumers and government entities helping them transact, track, access, share and authenticate the movements of legal cannabis through all levels of the supply chain.

For additional information on Greenstream and other information, please click on the link to visit the website at Greenstream Networks.

About BLOK Technologies Inc.
BLOK Technologies Inc. is a public company that invests in and develops emerging companies in the blockchain technology sector. The Company's approach is to provide capital, technology and management expertise to the companies it develops. With core technology being developed for the leading cannabis supply chain integrity network, BLOK Tech continues to grow its business into adjacent industries and emerging technologies. The Company systematically identifies early-stage technologies with potential to disrupt and innovate within their industry and invests the necessary resources to ensure the success of their projects.

The Company also wishes to announce that following a due diligence process and corporate strategy developments in the payments sector, it has decided not to proceed with the acquisition of SimpleBlock Payment Systems.

For additional information regarding BLOK Technologies and other corporate information, please visit the Company's website at BLOKTECHINC.COM

ON BEHALF OF THE BOARD OF DIRECTORS

"Robert Dawson"

President & CEO

For further information, please contact:
James Hyland, B.Comm.
Vice President Corporate Development, Director
 (604) 442-2425
jamie@bloktechinc.com 

Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company's control.

 

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