- Cloud Nine Web3 Technologies (OTCPK:CLGUF) enters into a third party services deal with Argent Crypto, whereby Argent will utilize CLGUF's unused computer processing power of its userbase to mine cryptocurrencies and convert them into fiat currency.
- CLGUF intends to use this tie-up to perform a monetization strategy for the foreseeable future until it has the personnel and cash resources necessary to support such operations independently, and until it believes it can safely mitigate regulatory and business risks in crypto mining.
- Argent must collect all cryptos generated from mining and convert such assets into fiat currency and distribute the proceeds back to CLGUF.
- For its services, Argent is entitled to a service fee equal to an agreed upon percentage from the converted fiat amount, with the balance being paid out to CLGUF.
- The deal may be terminated at any time by any party with at least 90 days written notice.
- CLGUF expects to start mining once its propriety product Limitless VPN has 50K registered active users.