Intellabridge Technology : Restated 2018 MD&A

CRYPTANITE BLOCKCHAIN TECHNOLOGIES CORP.

(Formerly Westbay Ventures Inc.)

MANAGEMENT DISCUSSION AND ANALYSIS

DECEMBER 31, 2018

CRYPTANITE BLOCKCHAIN TECHNOLOGIES CORP.

(Formerly Westbay Ventures Inc.)

Management Discussion & Analysis December 31, 2018

1.1

Date

This restated Management Discussion and Analysis ("MD&A") of Cryptanite Blockchain Technologies Corp. (formerly Westbay Ventures Inc.) (the "Company" or "Cryptanite") has been prepared by management as of April 25, 2022 and should be read in conjunction with the restated audited consolidated financial statements and related notes thereto of the Company for the year ended December 31, 2018, which were prepared in accordance with International Financial Reporting Standards ("IFRS") and are reported in United States ("US") dollars unless otherwise stated.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This MD&A contains certain statements that may constitute "forward‐looking statements". Forward‐looking statements include but are not limited to, statements regarding future anticipated business developments and the timing thereof, regulatory compliance, sufficiency of working capital, and business and financing plans. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of material risks and uncertainties. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward‐looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or which by their nature refer to future events. The Company cautions investors that any forward‐looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the Company's ability to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies.

The Company has based the forward-looking statements largely on the Company's current expectations, estimates, assumptions, and projections about future events and financial and other trends that the Company believes, as of the date of such statements, may affect its business, financial condition and results of operations. Such expectations, estimates, assumptions, and projections, many of which are beyond the Company's control, include, but are not limited to: management's expectations regarding the future business, objectives and operations of the Company; the Company's anticipated cash needs and the need for additional financing; the Company's ability to successfully complete future financings; the acceptance by the marketplace of new technologies and solutions; the Company's expectations regarding its competitive position; the Company's expectations regarding regulatory developments and the impact of the regulatory environment in which the Company operates; the Company's ability to attract and retain qualified management personnel and key employees; and anticipated trends and challenges in the Company's business and the markets in which it operates. Assumptions underlying the Company's working capital requirements are based on management's experience with other public companies. Forward-looking statements pertaining to the Company's need for and ability to raise capital in the future are based on the projected costs of operating a cryptocurrency company and management's experience with raising funds in current market circumstances. Forward-looking statements regarding treatment by governmental authorities assumes no material change in regulations, policies, or the application of the same by such authorities. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements with the risks set forth.

1.2

Overall Performance

Cryptanite Blockchain Technologies Corp. (the "Company" or "Cryptanite", formerly Westbay Ventures Inc.) was incorporated on June 24, 1986 under the laws of British Columbia.

On March 7, 2018, the Company completed a reverse takeover transaction (the "RTO"), which was effected pursuant to a merger agreement between Westbay Ventures Inc. and ChargaCard Inc. ("ChargaCard"), a private corporation existing under the laws of Delaware with its head office in Boulder, Colorado.

CRYPTANITE BLOCKCHAIN TECHNOLOGIES CORP.

(Formerly Westbay Ventures Inc.)

Management Discussion & Analysis December 31, 2018

As part of the transaction, the Company voluntarily delisted its common shares from the TSX Venture Exchange effective February 28, 2018, changed its name to Cryptanite Blockchain Technologies Corp. and commenced trading its shares on the Canadian Securities Exchange ("CSE") on March 12, 2018, under the symbol NITE.

Pursuant to the RTO, the Company issued an aggregate of 39,558,733 common shares of the Company in exchange for all of the issued and outstanding shares of ChargaCard and 2,000,000 share purchase warrants to warrant holders of ChargaCard. Upon closing of the transaction, the shareholders of ChargaCard owned 70% of the common shares of the Company and, as a result, the transaction is considered a reverse acquisition of the Company by ChargaCard. The Company changed its year end from May 31st to December 31st in order to align the fiscal year periods to that of ChargaCard.

In conjunction with the RTO, the Company raised capital through an equity financing consisting of 8,189,442 common shares of the Company at a price of CAD $0.45 per share for gross proceeds of CAD $3,685,249.

On August 7, 2018, ChargaCard incorporated a wholly owned subsidiary in Ukraine, Intellabridge LLC, for provision of the back-office operations of the Issuer in Ukraine.

On October 9, 2018, the Company incorporated a wholly owned subsidiary in Malta, Cryptanite Ltd. to expand its business to the European market.

General Description of the Business

The Company is in the business of offering its clients a full-service blockchain and cryptocurrency application ecosystem including end-to-end cryptocurrency solutions and software for buying, spending, sending and exchanging cryptocurrencies. The ecosystem also includes a payment processing and recurring billing software platform, and client-to-client financing by allowing customers to pay for goods and services in monthly installments.

Products

Cryptanite's platform currently offers three core products and services designed to leverage blockchain technologies:

1. Cryptanite Mobile App

The Cryptanite app is a peer-to-peer cryptocurrency marketplace, making it easy for users to purchase, trade, send and receive cryptocurrencies and tokens. The app is available in the Apple and Google Play stores. The Cryptanite App also includes a variety of pre-configured cryptocurrency bundles such as the "HODL" bundle, and "SIZE" bundle making it easy for users to build a diversified portfolio of cryptocurrencies. The App is designed to provide a secure, easy-to-use and frictionless process to buy, exhange and store a diversified collection of several dozen crypto tokens, including Bitcoin, Ethereum, Ripple, Stellar and Dash.

Additional features which are currently in R&D phase include:

The Cryptanite "Chat" feature: is an instant messaging "chat" which allows users to communicate on the platform, share ideas, further enhancing the Cryptanite ecosystem.

The Cryptanite expert network which ranks the top performing cryptocurrency traders and Twitter influencers and allows users to track their tweets and benefit from their expertise. The web version of the product went live in Q2 2018 and plans to integrate into the Cryptanite app in 2019.

CRYPTANITE BLOCKCHAIN TECHNOLOGIES CORP.

(Formerly Westbay Ventures Inc.)

Management Discussion & Analysis December 31, 2018

DollaCoin: is a stable coin which will be linked to the US Dollar and will allow users to store tokens in their decentralized DollaBank account. The target market is primarily mobile underbanked people globally. The coin is currently in development and scheduled for alpha release in 2019.

Cryptanite Payments (CryptaPay)

Cryptanite has developed a payments app that makes it easy for users to spend their cryptocurrencies at retail locations. The app is currently in beta. Cryptanite is exploring integration of the core features into the Cryptanite app.

Third-Party Applications

The Cryptanite App Marketplace, is currently in stealth mode, and designed to enhance the Crypanite ecosystem by adding third-party applications. Cryptanite is working with existing and potential partners to add several apps every month to the marketplace. The marketplace is currently in the final stages of testing and scheduled for release in December 2019. Third-party apps will be added in the marketplace in 2019.

2.

Blockchain Consulting & Professional Development Services

The Company provides small and medium businesses with the technological support to build blockchain mobile and web applications.

In December 2018, the Company entered into an agreement with One Feather Mobile Technologies Ltd ("OneFeather"), a British Columbia-based technology and consulting service provider focused on First Nations communities, to develop a comprehensive suite of blockchain-based software products including Smart Status Cards, vote management systems, member registrar management systems, digital wallets, and financial management and accounting solutions. This consists of a digital solution for First Nation sovereign identity and status card renewal, a government requirement that often remains incomplete due to the nature of the current renewal process. The Company will provide a development solution utilizing blockchain technologies to enable more efficient status card renewal and status verification.

Cryptanite will develop and deploy OneFeather's Smart Status Cards. These cards will bring a number of banking benefits to users deriving revenue from monthly client card fees and typical banking transaction fees.

Additionally, Cryptanite will create OneFeather's digital wallet, a solution designed to address a number of issues faced by First Nations communities in Canada. Users will be able to register their sovereign identity on the wallet and easily integrate their Smart Status Card. Product features include full support of an inaugural First Nation cryptocurrency and token rewards, along with the ability to verify claims and transactions, issue GST rebate entitlements, and even allow for peer-to-peer transfers with other First Nations.

Furthermore, Cryptanite has been contracted to further develop existing financial management and accounting software for OneFeather. This easy-to-use, cloud-based software is being designed specifically for Canadian First Nations. Featuring Smart Status Card and digital wallet integration, the suite will intend to produce an integrated application programming interface (API) compatible with the Canadian Federal Government, allowing for streamlined reporting, auditing, and money transfers.

The Company is in discussions with several other potential clients to provide software technology resources and build applications on a fee-based business model.

CRYPTANITE BLOCKCHAIN TECHNOLOGIES CORP.

(Formerly Westbay Ventures Inc.)

Management Discussion & Analysis December 31, 2018

3.

ChargaCard

ChargaCard is a P2P payment processing platform for the informal credit markets. The platform makes it easy for individuals to pay their bills in installments and for service sector businesses to get paid on time and in full. The platform helps improve the receivables turnover ratio of service sector businesses and obviates the need for collection agents.

Significant events and operating highlights for the year ended December 31, 2018:

• • The Company completed its business combination with ChargaCard and commenced trading on the CSE on March 12, 2018 under the symbol "NITE".

• • The Company teamed up with Dwolla, the white label e-commerce service utilizing ACH payment systems that is used by millions around the country. The combination of ChargaCard's and Dwolla's capacities means that merchants using the ChargaCard app will soon have the ability to pay a one percent payment processing fee, instead of the three percent plus fee typically associated with such transactions. For small businesses, these percentage points can add up to tens of thousands of dollars in savings. And Dwolla's built-in security measures provide additional security layers to protect user accounts.

• • The Company changed its auditors to Dale Matheson Carr-Hilton Labonte LLP.

• • The Company launched its Cryptanite App, now available on the App Store for Apple products and Google Play in Canada. The Cryptanite App includes two bundles for cryptocurrency buyers and traders - HODL and SIZE - as well as the option to create customized token bundles. The App is designed to provide a secure, easy-to-use and frictionless process to buy, trade and store a diversified collection of several dozen tokens, including Bitcoin, Ethereum, Ripple, Stellar and Dash.

• • The Company launched CryptaKings.com, an expert network to help current and potential cryptocurrency investors navigate the oftentimes confusing and volatile cryptocurrency marketplace.

• • The common shares are now DTC (Depository Trust Company) eligible. Cryptanite commenced trading on the OTCQB® Venture Market on June 26, 2018, in the United States under the OTCQB symbol: CRBTF.

• • The Company is listed on the Frankfurt Stock Exchange and is trading under the symbol 98AA.

• • The Company expanded its business to the European market by incorporating Cryptanite Ltd, a wholly owned subsidiary in Malta.

1.3

Selected Annual Information

Year ended December	August 29, 2017 (Date
of incorporation) to
Restated	December 31, 2017)
Total revenue	$	5,712	$	Nil
Profit from continuing operations	$	17,793	$	Nil
Net loss from continuing operations	$	(6,772,537)	$	(233,360)
Loss per share	$	(0.18)	$	(0.36)
Total assets	$	972,301	$	1,795,150
Total long term liabilities	$	Nil	$	Nil
Cash dividends declared per share	$	Nil	$	Nil
for each class of share
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