Dubai-based firm launches commodities-backed cryptocurrency

Freedium, a company establishing a presence at the Dubai Multi Commodities Centre (DMCC) has announced the launch of the first commodities-backed digital stable currency tracking the US dollar.

Based on blockchain technology, Freedium will provide financing to commodity owners in emerging markets, particularly in Africa and Latin America, Asia and the Middle East.

The company plans to be operation by the third quarter of 2018, with its first Freedium coin expected to be issued in Q4.

Freedium hopes to use blockchain technology to free emerging and developing countries from constraints such as limited access to financing, foreign exchange scarcity, volatile currencies and limited access to banking services.

“Emerging and developing countries have a population of 6 billion people, represent 60 percent of global GDP and generated 80 percent of global GDP growth since 2008,” said Keba Keinde, Freedium’s founder and chairman.

“Mobile and smart phones have allowed these countries to get connected with the rest of the world and access the global information superhighway.

"Now, the blockchain technology can enable emerging and developing countries to efficiently transact with other nations and access global financial markets.

“Therefore, we set out to create a financially inclusive ecosystem that would enable people from emerging and developing countries to access financing and banking services to send, receive and store money in a stable and fully backed digital currency and trade in a seamless and efficient way using smart, KYC/AML compliant contracts,” Keinde added.

According to Freedium, the company chose Dubai as an operational base because of its well-established governance, legal and regulatory frameworks

Arabian Business.com Contribution Time: 17-Apr-2018 08:21 (GMT)
Arabian Business.com Last Update Time: 17-Apr-2018 08:22 (GMT)

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