DeepMarkit Corp. announced that it has signed a letter of intent (LOI) with Bloom X Alliance Inc. (BloomX) to form a referral arrangement (the Arrangement). Pursuant to the key terms in the LOI, DeepMarkit and BloomX are working to form the Arrangement through which BloomX will introduce and onboard carbon credit projects onto the blockchain through DeepMarkit's proprietary minting platform, MintCarbon.io.

Based in Japan, BloomX is a blockchain-based products and services company seeking to reduce cost and improve efficiency of international asset transfers. It looks to participate and invest in blockchain-based products and services as well as other technology-enabled and related growth opportunities. Through the Arrangement, DeepMarkit is expected to benefit from extensive and diverse exposure to numerous new carbon projects, as well as an increased level of validation in the ASEAN carbon offset community.

MintCarbon.io is expected to receive increased transaction volume as a result of any and all users referred by BloomX that mint existing credits into NFTs. Pursuant to the Arrangement, BloomX will receive a fee for referring carbon projects to DeepMarkit, which will be payable by DeepMarkit in cash, or at DeepMarkit's discretion (subject to applicable laws), common shares of DeepMarkit. Under the terms of the LOI, DeepMarkit and BloomX will conduct necessary due diligence and negotiate the terms of a definitive agreement to govern the terms of the Arrangement.

The ultimate structure of the Arrangement will be subject to applicable regulations as well as applicable securities, corporate and tax laws. The definitive agreement, and any transaction completed in connection therewith, may be subject to TSX Venture Exchange approval.