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Net Element terminates blockchain relationship with Bunker Capital

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Net Element terminates blockchain relationship with Bunker Capital

Net Element Inc. on Feb. 26 terminated its relationship with Bunker Capital, with which it had partnered to develop and deploy blockchain technology-based solutions.

Under the letter of intent signed with Net Element, Bunker Capital was supposed to help the company develop blockchain technology, connect and develop smart contracts, suitable models and implement an initial coin offering.

Failing to reach an agreement, Net Element has asked Bunker Capital to return 19,000 common shares that it had lent to Bunker Capital as part of a prepayment. Net Element further said that Bunker Capital has not performed any services related to any digital securities offering and/or an initial coin offering for the company.

Net Element had partnered with Bunker Capital in order to develop a system that could connect merchants and consumers directly via the blockchain technology. It said it continues to try to find the blockchain technology-based solution as part of its Netevia platform.