LOS ANGELES, CA , Feb. 07, 2018 (GLOBE NEWSWIRE) -- Reign Sapphire Corp. (OTCQB: RGNP) ("Reign" or the "Company"), a direct-to-consumer, custom and branded jewelry company operating jewelry sales, jewelry technology and blockchain divisions, today provides an update on key features for Reign Coin, the Company’s sapphire-backed cryptocurrency.
As previously announced, Reign intends to launch an Initial Coin Offering (“ICO”), subject to regulatory approval (http://nnw.fm/cMZ4t).
Reign Coin’s Proposed Key Features:
Sapphire-backed
Reign Coins are unique in the sense that they are backed by real Australian sapphires processed under the supervision of the company, and using the company’s supply chain.
Crypto-dividends (Airdrops)
As the network’s collectively owned assets earn interest and fees through means of transacting, that growth can be shared by all coin holders in the network. Each wallet can passively collect a portion of Reign Coin’s growth in the form of new Reign Coins, which can be air dropped to each address.
Growth by Transaction
Each Reign Coin transaction generates a transaction, like any other cryptocurrency. A portion of the cumulative transaction fees can be reinvested into sapphires, the asset that is backing each Reign Coin. This should increase the base price, as well as improve the solidity of each coin.
“We are diligently working on this exciting project, and have applied for the relevant trademarks and patents. We are confident that Reign Coin will add long-term shareholder value and complement our existing businesses,” states Reign CEO Joseph Segelman.
Reign expects to release Reign Coin’s white paper later this month, and will update shareholders upon its availability.
About Reign Sapphire Corp.:
Reign Brands operates through four key divisions: Reign Sapphires, which offers ethically produced, millennial-targeted sapphire jewelry; Coordinates Collection, a provider of custom jewelry inscribed with location coordinates to commemorate life's special moments; and Le Bloc, which offers classic customized jewelry and the athleisure jewelry brand, ION Collection by Jen Selter.
The Company’s portfolio also includes Reign Ventures, a joint-venture platform for investment and development of jewelry technology related products; and Reign Blockchain to authenticate sapphires as conflict-free. Entries on the digital record can include attributes for each sapphire including the color, carat and certificate number.
For more information, visit www.ReignSC.com
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Reign Sapphire Corporation ("Reign" or the "Company"). Forward-looking statements are based on the expectations, estimates, or projections of the Company's management as of the date of this press release. Although Reign's management believes these expectations, estimates, or projections to be reasonable as of the date of this presentation, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies, which could cause the Company's actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Reign's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" sections in the Company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2016, which is available for viewing on the SEC's EDGAR website. These forward-looking statements speak only as of the date of this press release and, except as required by law, Reign specifically disclaims any obligation to update these forward-looking statements, even if new information becomes available in the future.