Cloud Nine Education Group Ltd (CSE:CNI) announced Wednesday that the company is focusing its capital resources on the development and advancement of its education platform.
Such focus includes the retention of IT firm Bluzelle Networks Pte Ltd for specialized Web3 development services to oversee the expanded Cloud Nine development team, the company said.
The broad aim of this initiative is to establish Cloud Nine as a thought leader in the growing Ed-Tech space, the company added.
READ: Cloud Nine Education to acquire cryptocurrency assets from Victory Square Technologies for C$6 million
Cloud Nine’s Web3 development initiative is three-pronged:
- Creating a global assessment platform to provide services for storing and managing degree information: The Web3 ledger is intended to match all kinds of educational information with the user’s unique ID. It is intended to include learning behavior in class, micro academic project experience and macro educational background
- Building out a capacity-currency transformation bank: This includes a Web3 learning ledger to record detailed information about users’ learning experiences and follow development of their knowledge and skills. This information can be stored on a Web3 network according to a series of comprehensive standards, and students will gain rewards through their efforts on studies, a process known as “learning is earning.”
- Creating an 'Airbnb for file storage': As learners and education institutions store more data, DLT (distributed ledger technology) cloud storage could offer safer and potentially cheaper alternatives, including ebook and textbook consolidation
Additionally, Cloud Nine announced the execution of an amendment to its letter of intent with Victory Square Technologies Inc (CSE:VST) (OTC:VSQTF) (FRA:6F6) to acquire intellectual property assets, including cryptocurrency miner Limitless Crypto.
The companies executed the amendment to extend the deadline by which the two parties have to finalize a definitive agreement from February 26 to March 31.
Additionally, on March 1, Cloud Nine said it reached an agreement with ARI LLC, an independent programming firm, which will see ARI develop and update Cloud Nine’s Ed-Tech platform. This includes content design, data centre hosting, software development and security auditing.
Lastly, the company said it has paid Fortyfive Media Inc US$300,000 to provide marketing and publication services to assist in creating and increasing public awareness of Cloud Nine’s activities, strategic plans and investment opportunities.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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