The International Blockchain Monetary Reserve (IBMR) announced it has raised $3.48 million as an investment seed into ARCC Currency Reserve.
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.
The funding, according to an announcement on March 25, 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.
IBMR’s investment seed targeting Southeast Asia
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, as Cointelegraph previously reported on December 12.
Sinjin David Jung, 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 Cointelegraph has previously reported, IBMR and blockchain firm Algorand partnered last December to jointly launch a microfinance platform dedicated to the ARCC token. 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.
Top 20 CoinMarketCap Crypto Exchange BiKi.com is pleased to announce the world premiere listing of Asia Reserve Currency Coin (ARCC) on the BiKi platform. This coincides with the announcement that USD3.48 million has been raised by IBMR.io, an economic development reserve and advisory, in seed investments into the ARCC Currency Reserve. The seed round comes as a basket of cryptocurrencies that include ALGO, BTC and BNB, with the funding coming directly from Borderless Capital (formerly Algo Capital) and others.
Corresponding with ARCC’s Reserve funding, ARCC will be listed on BiKi Exchange on March 31st 2020. Platform users can look forward to exciting benefits and rewards from trading ARCC. In return BiKi will be providing promotional exposure for ARCC to a larger global market that includes top Asian regions like China, South Korea and Vietnam. With access to top crypto news sites like Jinse Finance, BiKi will implement continuous marketing and community building with key opinion leaders (KOLs) in these regions.
“We’re beyond thrilled to be the first exchange to list the Asia Reserve Currency Coin (ARCC),” said Ethan Ng, Southeast Asia CEO of BiKi.com. “We fully believe in its mission to drive financial empowerment to the urban working poor in Southeast and South Asia. Similar to BiKi’s belief in serving the community first, we admire ARCC ideals to serve the unbanked, bridging the gaps using blockchain technology. I truly respect Sinjin and his team for utilizing blockchain in a real-world use case, allowing those unfamiliar with blockchain and cryptocurrencies to understand its vast extent and benefits, thereby building more confidence in this area.”
Microfinance Platform to Promote Financial Inclusion
IBMR.io recently announced the launch of its microfinance platform and dedicated token to promote financial inclusion in Southeast Asia. The injection of funding will help back the value of ARCC’s microasset token and ensure ARCC’s long-term viability as an accessible and distributed reserve currency for the region. ARCC provides the incentive for participation on the ARCC.one microfinance asset management platform and is issued as an Algorand Standard Asset, ASA, token.
“The mission of ARCC is to bring socio-economic transparency and financial stability to the urban working poor of Southeast Asia. We initiated and pushed this project knowing that the scope was a loonshot and would not get the support or validation from the speculative crypto market,” said Sinjin David Jung, founder and Managing Director at IBMR.io. “But with the economic shutdown of the world due to the COVID-19 virus, nothing has justified our project more to push forward to empower and equip those who are seen as inconsequential collateral damage in this global crisis. We are extremely thankful for the support and backing from both Algorand and Borderless Capital to establish ARCC as the world’s first microasset. We have taken the first step to establishing an accessible and distributed reserve currency for the urban working poor in emerging markets. Our listing on BiKi.com is the result of three years of dedicated planning and preparation and would have not been possible without the visionary support and recognition by our strategic partners Algorand Inc and Republic Crypto. Let’s do this and show what the promise of blockchain really means for creating a new economic reality for those excluded from this one.“
Initiated in May 2017, after three years, IBMR and ARCC are finally ushering in a new paradigm of microfinance and empowerment through the direct support of debt-free capital to the urban working poor.
“Republic is beyond excited to see ARCC listed on the Biki platform,” said Andrew Durgee, Managing Director Head of Blockchain at Republic. “Being partners with both organizations, we see this as the perfect match of exposure and drive. It’s not often in this industry that such talent coalesces into one project but we are certainly seeing that with this launch. We will be keeping a close eye on this one as the sky is definitely the limit.”
About BiKi.com
Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange ranked Top 20 on CoinMarketCap. BiKi.com provides a digital assets platform for trading more than 150 cryptocurrencies and 280 trading pairs. BiKi.com is focused on providing the safest, most stable and most effective cryptocurrency trading platform. 100% of the transaction fees are used in buyback and burning of platform token, BIKI. Since its official opening in August 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 2 million registered users, 200,000 daily active users, over 2,000 community partners and 200,000 community members. BiKi.com has received investments from Huobi co-founder Du Jun, Genesis Capital Zhu Huai Yang, FBG Capital, ChainUP and others totaling approximately 10 million USD.About IBMR.io
The International Blockchain Monetary Reserve, IBMR.io, is a social impact economic development reserve and advisory established to promote distributed inclusive economic development through issuance of regional crypto currency reserves.About ARCC
ARCC token is the world’s first microasset that aims to become a regional crypto-reserve currency backed by a socio-economic information network and currency reserve structure. Built on the Algorand decentralized protocol, ARCC plans to create long term impact through entrepreneurial empowerment through a decentralized information network and microasset management ecosystem for the urban working poor in Southeast Asia.Check too another information on my official website : https://kingcryptomedia.com/
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