SAN FRANCISCO, Calif., November 29, 2021
Cryptyk Inc., and its founders Dr. Adam Weigold and Naveen Sydney, have acquired a controlling shareholder interest in NFT spin-off company Decentryk Corporation (see www.decentryk.com). The transaction was a “cash + token” deal that involves Dr. Weigold and Mr. Sydney taking two out of three seats on the board of directors of Decentryk Corp. Cryptyk itself will own 37.5% equity in Decentryk for an investment worth $75,000 with the remainder of equity shared by the founders and directors.
As a conditional part of the transaction Decentryk is being restructured in both staff and technology vision. Decentryk will now leverage Cryptyk’s cloud storage technology and combine it with its own newly developed IP to offer solutions for the burgeoning NFT (Non Fungible Token) marketplace. This technology and market pivot towards NFTs follows Cryptyk file storage competitor Filecoin recently launching its IPFS platform into the NFT market. Secure decentralized cloud storage is an ideal match for the NFT market. While NFTs stored on the blockchain are relatively safe, the valuable digital assets they are paired with are typically stored on unsafe centralized storage platforms such as AWS. Recently several large hacks on NFT marketplaces such as OpenSea have created major concerns for this nascent market.
As part of the deal Cryptyk also regains all of the enterprise IP (for healthcare, government and media markets) that it initially transferred to Decentryk when the spin-off company was first created in early 2021. Cryptyk will now become a key infrastructure vendor to Decentryk which will accept Cryptyk Tokens (CTK) for payments on its planned NFT marketplace.
Cryptyk CEO Dr. Adam Weigold commented that “this new Decentryk deal and technology pivot gives (a) board and shareholder control of Decentryk to Cryptyk, (b) returns valuable enterprise intellectual property back to Cryptyk, (c) turns Decentryk into a key customer and partner, and (d) will offer a new product and marketplace that accepts CTK tokens to provide added utility. Effectively its a win-win-win-win deal for Cryptyk. Decentryk has developed exciting new IP in the NFT space and we look forward to supporting Decentryk as a key vendor for its product development plans and beyond.”
As part of the new technology pivot, Decentryk management has also been restructured with Mr. Mel Olivares appointed to the CEO role and Mr. Mihkel Trink being appointed as COO. Both are former Cryptyk staff members with significant crypto-currency and technology management experience, and have close ties to the Decentryk board. Former Decentryk management staff in Dr. Kristin Kelly and Mr. David Mann have the left the company to pursue other opportunities.
CRYPTYK is a San Francisco based developer of Decentralized Cloud Storage and Security Auditing technology that provides orders of magnitude better security and privacy over conventional centralized cloud storage providers such as Google, IBM and Amazon. It also provides orders of magnitude faster performance and scalability than blockchain storage providers such as Filecoin, Storj and Sia.
DECENTRYK is a Miami based developer of secure, multi-protocol NFT technologies for the art, luxury and collectibles market.
Investor and CTK Token information