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Majic’s CGCX provides custody services for 45,000,000 iBG

Houston, Texas, Aug. 16, 2021 (GLOBE NEWSWIRE) — Majic Wheels, Corp. (OTC Pink: MJWL) (“Majic” or the “Company”), a Delaware company emerging as a player in the disruptive industries of fintech and software development through acquisitions, announces that its wholly owned subsidiary CGCX has signed a definitive agreement to provide iBG.Finance custody services for assets currently valued at $121,500,000.

Majic is proud to announce that CGCX has signed an agreement to offer exclusive custody services to iBG.Finance, an AI-driven robo-advisory firm. The iBG DeFi token is an integral part of the iBG ecosystem. iBG.Finance is currently running its IDO and yield farming on multiple platforms like iChain, Binance Smartchain, Ethereum, etc.

A total of 45,000,000 tokens will initially be held under the administration of the CGCX Custody Solution. On August 15, 2021, the iBG token was trading at $2.70 per token. The agreement signed between CGCX and iBG has the potential to generate annual revenue of 0.5% of average value of assets under management (AUM).

“iBG.Finance needed a safe place to store the iBG tokens. Our existing relationship with CGCX and the established robustness of their platform made our decision a logical one. We couldn’t think of a more secure solution than CGCX for custody services, whose insurance offering to protect assets from cyber hacks and attacks has been a key factor,” said Aneesha Reihana, iBG.Finance’s Chief Product Strategist

“The iBG token exclusive custody agreement signed between iBG and CGCX is just another example of the trust institutions place in our platform and solutions. This is further evidence that CGCX is uniquely positioned to efficiently address the needs of institutions and ultra-HNIs to protect their digital assets with our robust, multi-layered security architecture,” said Anandh Swami, Chief Executive Officer of CGCX.

CGCX, an established cryptocurrency trading platform and custodial solution provider, was one of the first participants to offer its clients insurance against cyber hacks and attacks for the digital assets it custodians. The CGCX custody solution is specifically designed for institutions to keep their digital assets safe with the highest security and compliance standards. It is based on industry-leading military-grade tamper-resistant security hardware devices with multi-signature architecture.

David Chong, Chief Executive Officer of Majic Wheels, Corp added, “This is another milestone in establishing CGCX as a global brand. As we prepare to enter new markets, the trust placed in us by institutions reinforces the visibility of the CGCX brand among cryptocurrency holders and investors as a reliable and robust platform. This latest agreement also increases the company’s revenue from its subsidiary’s custodial services business.”

About Majic Wheels Corp.

Majic Wheels Corp., a Delaware company, intends to position itself as a player in the disruptive industries of fintech and software development through acquisitions and mergers. The Company’s subsidiary, Calfin Global Crypto Exchange (CGCX), operates: a cryptocurrency exchange, a cryptocurrency mining farm and a custody services platform. Majic Wheels Corp. is listed and traded over the counter under the trading symbol #MJWL.

For more information about the company, visit:

Our OTC Market Profile: https://www.otcmarkets.com/stock/mjwl/overview
Our website is: https://majiccorp.co/
Our Twitter account is: https://twitter.com/MajicCorp
Our Discord: https://discord.gg/apolloassets

About CGCX Ltd

Founded in 2018, Calfin Global Crypto Exchange CGCX aims to provide a sophisticated cryptocurrency exchange for a seamless and secure crypto trading experience. Unlike most exchanges that only offer cryptocurrency trading, CGCX caters to the larger blockchain community by offering four services on a single platform.

Website: https://www.cgcx.io

About IBG.Finance

iBG, a robo-consulting company, is bringing artificial intelligence (AI) to the blockchain. The app relies on algorithms and AI models to optimize the ROI of DeFi assets and products. The iBG Smart Engine integrates various return and risk parameters to provide investors with recommendations for formulated investment strategies and portfolio options.

Website: https://ibg.finance/

SAFE HARBOR STATEMENT

This press release contains forward-looking statements, which are identified by words such as “believes”, “expects”, “potential”, “plans”, “proposes”, “may”, “should”, “could”, “intends”, ‘ or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the future results implied in such statements. These factors include, but are not limited to, our ability to continue to improve our products and systems to respond to changes in the industry, our ability to expand our customer base and retain existing customers, our ability to serve in our market segment to compete effectively, lack of public information about our company, our ability to raise sufficient capital to fund our business and operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the Company’s control. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statements to reflect circumstances or events after the date of the forward-looking statements.

SOURCE: Majic Wheels Corp.

FOR MORE INFORMATION, PLEASE CONTACT:

David Chon
Email: [email protected]

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