10:16 AM EDT, 08/28/2024 (MT Newswires) -- MultiMetaVerse Holdings ( MMV ) said Wednesday it has established a joint venture called Gold ABC Digital Technology with blockchain technology service provider Zhenghe Holding.

MultiMetaVerse ( MMV ) said it has a 20% stake in Gold ABC and Zhenghe is responsible for the joint venture's daily management and operation.

Gold ABC borrowed 500 bitcoins at an average cost of $60,000 apiece from Zhenghe earlier this month for a one-year term at an annual interest of 8%, MultiMetaVerse ( MMV ) said.

The company said Gold ABC plans to use its artificial intelligence algorithms for secondary market trades to manage and increase these assets' value, and to open a position and buy gold in the next three months.

Shares of MultiMetaVerse ( MMV ) were up about 10% in recent trading.

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