Lion Group, an operator of an all-in-one trading platform and a developer of new growth products that include SPAC sponsorship, NFT, and metaverse-related initiatives, announced on November 18 that it signed a letter of intent with Hong Kong New Full Rich.

The investment agreement envisages the two firms cooperating to construct and operate an encrypted digital currency mine project in Tajikistan via Ganj Technology, a subsidiary of New Full Rich.

The first phase of the project will focus on a free trade economic zone, energy loads, electricity prices and establishing a 150,000-load mining site that incorporates industry licences. The initial construction for the digital mine infrastructure and power-on operation is expected to be completed in the first quarter of 2022, and the project's annual profit is expected to be no less than $25mn. In the second phase of the project, the two firms intend to gradually promote the construction of a 300,000-load minefield.

Chunning Wang, CEO of Lion, commented: "Tajikistan has unique advantages in water resources, which is central to the development of the digital mining industry. Through this project with New Full Rich, Lion's investment and operations in digital mining in Central Asia will create valuable achievements and mark another solid step for Lion in the global digital asset industry. As the era of the digital economy continues to expand, we believe there is huge growth potential in the cryptocurrency market. Following this trend and seizing the opportunity, Lion will accelerate development and innovation in the global digital asset field as we continue to create meaningful value for our shareholders."