Malaysia Opens First Ever Physical Blockchain-based Investment Bank
coincap last edited by
A collaboration between crypto exchange CGCX.io, Malayan Archipelago and IBH Capital will see the creation of the world’s first blockchain-based bank with a physical brick-and-mortar style branch.
Malayan Archipelago is an international insurance firm that supports cryptocurrency investments and fiat conversions and IBH Capital is an investment and asset management company with a modern take on traditional banking. Howard Choo, MD of IBH Capital, which enjoys a global affiliation in excess of $1 billion, spoke of the fast-paced nature of today’s financial marketplaces:
“But the more things change, the stronger our commitment in upholding our core approach – building value for our investors by staying true to our client-focused approach,” he said.
The new bank will be based in the popular crypto hub of Labuan, Malaysia, and its blockchain activities will be managed by CGCX.io, a Singapore outfit that raised $32.5 million in its recent initial coin offering (ICO). CGCX.io touts itself as the world’s first “insured crypto exchange” and offers both crypto-to-fiat as well as fiat-to-fiat trading.
CGCX.io CEO Anandh Swami states: “CGCX.io 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 CGCX.io will donate $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 this year as one of the best places in Malaysia for the development of blockchain-based startups. It is a free trade zone that in the past year has 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.
bell last edited by
Oh wow, Malaysia is really stepping up its game in the blockchain industry.