IBMR Raises $3.48 Million As An Investment Seed Into ARCC Currency Reserve
IBMR Raises $3.48 Million As An Investment Seed Into ARCC Currency Reserve
March 26, 2020
IBMR Raises $3.48 Million As An Investment Seed Into ARCC Currency Reserve
IBMR Raises $3.48 Million As An Investment Seed Into ARCC Currency Reserve
March 26, 2020

The International Blockchain Monetary Reserve (IBMR) announced it has raised $3.48 million as an investment seed into ARCC Currency Reserve. 

On March 25, it has been reported the reserve is a basket of cryptocurrencies that includes Algorand (ALGO), Bitcoin (BTC), and Binance Coin (BNB) as well as 700,000 U.S. dollars in seed investments for United States-based tech startup companies. These assets back the value of the Asia Reserve Currency Coin, or ARCC. 

However, according to the announcement, the funding will come directly from Borderless Capital and other companies and coincides with the official listing of the ARCC token on BiKi Exchange, a company that currently has over two million registered users in Singapore. 

The announcement further adds that ARCC incentives participation in the ARCC.one microfinance asset management platform and is issued as an Algorand Standard Asset token.

ALSO READ :  BitMEX Holds 0.18% Of All Bitcoins In Circulation

Sinjin David Jung, the Founder and Managing Director at IBMR, stated that the mission of ARCC targets urban working poor of Southeast Asia to bring them socio-economic transparency and financial stability.

As for the ARCC token listing, it will be included on BiKi Exchange on March 31, 2020.

As per the report, IBMR and blockchain firm Algorand partnered last December to jointly launch a microfinance platform dedicated to the ARCC token.

Thus, the platform aims to provide debt-free capital to the urban poor in Asia, where 300 million adults do not have access to traditional financial institutions and instruments such as bank accounts or credit.

Source: cointelegraph.com | Image: deals.weku.io


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!