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Blenheim Natural Resources investee in world first crypto security platform
Investment company Blenheim Natural Resources announced on Wednesday that its investee company BrandShield has launched the world's first anti-scam blockchain platform.
MyShield is designed to bring trust to the e-commerce and online market, in which counerfeits and piracy are estimated to reach $2.81tn in 2020, by alerting users to fraudulent websites, counterfeit online sales and various other types of online scams.
AIM-traded investment company Blenheim holds an 8.95% interest in cyber security company BrandShield following an investment of $1.05m in December.
Charlie Wood, executive chairman of Blenheim Natural Resources, said: "The experience garnered from its existing business, which already provides fraud protection services to multiple global brands, as well as its expansion into the crypto currency arena, means that BrandShield is ideally positioned to provide a much-needed global solution."
Brandshield's technology is currently used by brands such as VISA, Credit Suisse, New-Balance and Radisson Hotels to protect against online scams, and has significant exposure to the cryptocurrency market through involvement with ShapeShift, eToro, WePower, Jet8 and Current.
"We expect to see significant value accretion in MyShield as a community and platform, as well as a clear rise in value of cash and tokens on BrandShield's balance sheet, raised via the ICO with no dilution to existing BrandShield shareholders. Additionally, BrandShield's value is significantly enhanced as first provider on the MyShield platform, and the increased profile and access to data has also driven clients to BrandShield's existing business," said Wood.
MyShield will be rolled out across the e-commerce market in 2019 after its initial focus on the cryptocurrency market.
As of 1157 GMT, Blenheim Natural Resources' shares were down 6.10% at 0.39p.