In Malaysia planning a launch of the first in the physical world, the blockchain Bank. This is a joint project of CGCX.io Archipelago Group and IBH Capital that they want to “bridge the gap between traditional investing and the world of cryptocurrency.
The distribution of responsibilities
The technical aspect of the Bank’s work will be implemented by the cryptocurrency company CGCX.io from Singapore, which is engaged in a wide range of services for the exchange of digital assets, and is also a multifunction wallet. Daily trading volume of the company’s $10 million will be able to provide a solid financial base for its activities. Recently the company also raised $32.5 million in ICO.
CEO Anand Swami explains:
“We have a 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”.
Security operations blockchain-Bank will provide the Malaysian insurance group Archipelago. Investment management and assets will be vested in the company IBH Capital owned by IBH Investment Bank.
Managing Director of IBH Capital Howard Chu said:
“The current market affects the magnitude and speed of change, but we remain true to our approach which is focused on customers.”
The world’s first blockchain – Bank in Malaysia
Investment blockchain-Bank will be located in Labuan. Before its launch, the company CGCX.io invites all interested parties to join the new community. However, on the websites of the Archipelago Group and IBH Capital future project not yet announced.
Previously CEO of Ripple Delirium Arlinghaus also shared his view that in 2019 the traditional banks offer many services related to cryptocurrency.