Malaysia wants to launch the world's first physical blockchain bank. The project is a cooperation between CGCX.io, Archipelago Group and IBH Capital, with the aim of bridging the gap between the traditional and the crypto-investment world.
As reported by Cryptoglobe on December 17, CGCX.io, Archipelago Group and IBH Capital want to create the first physical blockchain bank. The three founding parties will contribute their main skills to the joint venture.
Singapore's encrypted company CGCX.io is responsible for the technical part, offering an encrypted exchange with a versatile range of services for all customers. A daily trade volume of $ 10 million will provide a solid financial basis. Just recently, CGCX.io collected $ 32.5 million in an ICO. CGCX.io also provides a multifunctional portfolio.
Anandh Swami, CEO of the company, explains:
"Unlike most of the exchanges that only offer cryptocurrency trading, CGCX.io is distinguishing itself in the field of distributed Ledger technology, providing five platforms in a single solution to offer a wide range of services to its customers. "
The security of Blockchain Bank operations will be provided by the Malaysian Archipelago insurance group. IBH Capital, which belongs to the IBH Investment Bank, is an investment and asset management company. The managing director of IBH Capital, Howard Choo, explained the reasons for the merger:
"Today, we do business in a fast-paced market characterized by continuous changes, but the more things change, the stronger our commitment to sustaining our core approach is: creating value for our investors while remaining true to our customer-centric approach; solid and sustainable investment approach through industry experience and in-depth analysis. "
Malaysian Blockchain Bank
The investment bank will be located in Labuan, Malaysia. Until the time of launch, CGCX.io invites all interested parties to join the community. However, neither Archipelago nor IBH Capital announced the project on their websites.
What do you think? Is it a step in the right direction or should we be just our bank? Let us know in the comments below.