On November 25, ZK International Group Company, a major manufacturer and supplier of steel products, announced that its wholly-owned subsidiary, xSigma, is launching a DeFi protocol. The protocol will aim to increase the group’s influence over the growing blockchain sector.
According to the firm, the project was released at an “opportune” time with the potential of a continuous rapid growth of the DeFi industry in the near future. xSigma was launched in 2018 as a research and development lab — with a goal of solving real-world infrastructure challenges — but has since changed its focus to decentralized finance services.
According to the announcement, the first step to building the xSigma DeFi ecosystem will be the launch of a decentralized stablecoin exchange, which will offer fair farming terms to both liquidity providers and users. The company claimed the platform will provide an intuitive design and easy-to-use features, and that it has a number of DeFi projects ready for launch in the next 12 months.
xSigma’s team consists of developers who previously worked for companies like Facebook, Amazon, Google, Ripple, Labs, and 1inch, which, the company hopes, is going to help create a platform that is backed by open-source networks and “unfettered by centralization and intermediaries,” the Chairman and CEO of ZK International, Jiancong Huang, said in a statement.
Until the mainnet launch, users who want to participate in the protocol have a limited time to register for a whitelist, where any updates on the project’s development will be announced first. In the coming weeks, xSigma will post additional details about the new project on its official website.