February 26, 2024

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Malaysia gets first blockchain bank

According to a recent report, a South Korean cryptocurrency exchange, in collaboration with two other organizations, is set to launch the first ever physical blockchain bank in Labuan, Malaysia’s federal territory.

One of the two other firms is an insurance group which supports blockchain and cryptocurrency operations while the other firm is an investment bank which is said to have a global affiliation in excess of US$1 billion.

The bank will be handling financial investments related to the Blockchain, cryptocurrency, and other digital banking services.

The main aim of the bank will be to bridge the gap between the traditional banking sector and the crypto world. The bank will facilitate the expansion of business of all the companies involved with crypto and provide banking services in a way that is effective and timely.

The South Korean cryptocurrency exchange, which according to reports, has attained a daily trading volume of 10 million USD, is to the main funder of the project. They were also successful in raising about $32.5 million during their Initial Coin Offering (ICO).

The exchange will also create a secure digital wallet for the investment bank and release US$100 million worth of STO to ensure that the bank is well funded from its inception.

A memorandum of understanding has been signed by the three organizations, to ensure that the alliance has proper sanctions and is backed by the law. With the hopes that the bank will be established in another year, the terms of the MoU is binding for a year and there are hopes that the bank may be set up during that time.

The collaborators have also sought the support of the other companies who have the possibility of being interested in the project.

Malaysia has been the hub of blockchain development. In November, the country officially started using Blockchain to aid in the traceability of degree certificates, due to the extremely high levels of fake degrees that are in circulation, the process of verifying which is extremely cumbersome.

Moreover, it was recently reported that efforts are being made behind the government-backed coin, which first emerged before the nation’s 14th General Elections.

The coin will reportedly be the world’s first political fundraising platform that meshes crypto and blockchain.

Another report on the subject noted that the new bank will be based in the popular crypto hub of Labuan, Malaysia, and its blockchain activities will be managed by the cryptocurrency firm, which raised US$32.5 million in its recent initial coin offering (ICO).

The firm affirms that it is the world’s first “insured crypto exchange” and offers both crypto-to-fiat as well as fiat-to-fiat trading.

The firm’s CEO noted that the company is setting itself apart in the Distributed Ledger Technology field by providing five platforms rolled into one to offer a wide variety of services to its customers.

It is believed that the firm will donate US$100 million worth of its digital token, STO, to support the establishment of crypto services within the bank and develop a new, multifunctional digital wallet for customers.

Labuan made the news earlier in 2018 as one of the best places in Malaysia for the development of blockchain-based start-ups. It is a free trade zone that has recently become an increasingly popular spot for offshore investment opportunities.

The developments show ongoing optimism in cryptocurrency and blockchain technology at a time when the market is suffering from over 12 months of steadily decreasing value.


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