Malaysia made an official announcement about its plan to launch the world’s first physical blockchain bank in Labuan, Malaysia. This project will be built with the joint efforts of IBH Capital (an investment firm), CGCS (a crypto trading platform) and an investment firm Archipelago. The project will be developed aiming to bridge the gap between traditional investment and crypto investment.
All these three firms will not only fund the project but also contribute with their core competencies towards the project. CGCX.io, a cryptocurrency company from Singapore, will implement all the technical aspects of Bank’s work. The organization is known for serving a wide range of exchange services of digital assets and also serves as a multifunction wallet.CGCX.io makes a daily trading volume of $10 million which can give a solid base to the project. According to the recent reports, the company has collected 32.5 million USD in an ICO.
“UNLIKE MOST EXCHANGES THAT OFFER ONLY CRYPTOCURRENCY TRADING, 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,” said by Anandh Swami, the CEO of the company. He also says, “We have significant technological differences from most exchanges offered only cryptocurrency trading. A wide range of services for clients CGCX.io is provided by combining five platforms of different purpose of one”.
IBH Investment owned IBH Capital is an investment and asset management company. MD of IBH Capital, Dato’ Howard Choo said the company is a well-verse to business in a fast-paced marketplace characterized by continuous changes. He also highlighted “The more things change, the stronger our commitment is to building value for our investors by staying true to our client-focused approach; sound and sustainable investment through industry expertise and thorough analysis,” as the reason of merger.
CGCX will serve technical support to IBH Capital. Moreover, it will also build “a multifunctional blockchain-based wallet with enhanced security features, endorsing the rebranded bank, and offering up to $100 million worth of STO.”
The Malaysian Insurance firm “Archipelago will deliver security measures for the operations of Blockchain bank.”
World’s First Blockchain Bank
CGCX.io has invited interested parties to join the venture, before the launch of Blockchain bank. However, Archipelago and IBH Capital have yet not announced such invitations on their websites.
Ministry of Education in Malaysia announced in November, their plans to set up University Consortium along with the launch of its degree insurance and verification platform based on blockchain Technology.