- Tech company DigitalX (DCC) shares are in the green today after receiving further revenue from a past contract with Human Protocol Foundation
- DigitalX completed work for Human Protocol in 2018 and received a cash and token payment
- The company has now received the receipt of the tokens, which have been valued at $8.3 million and will be held on escrow for 12 months
- On the market today, DigitalX is up 6.12 per cent and is trading at 5.2 cents per share
DigitalX (DCC) shares are in the green today after receiving further revenue from a past contract.
In the 2019 financial year, the company was chosen by the Human Protocol Foundation to provide advisory services.
Human Protocol is a foundation formed to support the open-source HUMAN Protocol, which is a way to organise and compensate human labour via blockchain technology in the artificial intelligence marketplace.
DigitalX received cash fees for its services to Human Protocol and was entitled to further receive 1.25 per cent of Human Protocol’s total supply of one billion HMT tokens.
The company has now received these tokens, which have been valued at $8.3 million.
The tokens will be escrowed for 12 months and then released linearly in equal amounts over a further 12 months.
A token is a cryptocurrency built on top of an exisiting blockchain. When a company raises funds in an initial coin offering, it does this by issuing a token, which is distributes to investors with interest in contributing with crypto funds.
Over the past few years, Human Protocol has grown its platform and earlier this month announced it would launch its HTM Token on the Ethereum Mainnet.
On the market today, DigitalX is up 6.12 per cent and is trading at 5.2 cents per share at 11:38 am AEST.