As a company establishing its presence at the Dubai Multi Commodities Center (DMCC), Freedium has announced it will be launching its first commodities-backed digital stable currency, which will track the U.S. dollar. Representatives state that the coin should be available by the third-quarter of 2018.
Assisting the Less Fortunate
The company’s founder and chairman Keba Keinde explains that many developing countries suffer from limited access to banking services, foreign exchange scarcity, and volatile currencies, and that the new stable asset is designed to give them access to proper financing techniques.
“Emerging and developing countries represent 60 percent of global GDP and generated 80 percent of global GDP growth since 2008… Mobile and smart phones allowed these countries to get connected with the rest of the world. Now, blockchain technology can enable emerging and developing countries to efficiently interact financially with other nations and access global financial markets.”
Freedium Building from the Ground Up
Freedium has chosen Dubai as its official center of operations due in part to its cooperation with other blockchain platform partners such as WANCHAIN, VAPHR, and BITSAPPHIRE. Executives have also commented that Dubai boasts a well-established regulatory presence, and serves as the primary location of some of the world’s leading global trade ventures including DMCC, Dubai Port, JAFZA, and Emirates.
The company says it has also built a team of technology and investment veterans with expertise in blockchain, such as Aron Dutta, former global head of blockchain development at IBM and chairman of VAPHR. Dutta will serve as Freedium’s chief strategy officer.
“Our mission is to facilitate the seamless exchange of value between developed and emerging market trading entities in a trusted business environment,” he explains. “At the forefront of the fifth industrial revolution, VAPHR is excited to be a strategic partner in building this trusted marketplace for the exchange of value of any tokenized asset classes.”
Where to Go? What to Do?
Freedium says it is looking to target nations in Asia, the Middle East, Latin America, and especially Africa, a continent which Freedium claims suffers from a very high level of financial corruption:
“We are seeking to establish a financially inclusive ecosystem that is based on the concept of financial integration so that people in emerging and developing countries can access financial and baking services to send, receive and store money through a fully supported stable digital currency, as well as smooth and effective trading under contracts governed by the principles of Know-Your-Business and laws combating money laundering.”
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