The International Blockchain Monetary Reserve (IBMR) an economic development reserve and advisory company, say they have raised USD $3.48 M for their ARCC Currency Reserve, a basket of cryptocurrencies that include ALGO, BTC, and BNB. Funding is also available to the tune of USD $700,000 in seed investments for US-based tech start-up companies.
The IBMR's mission is to break the cycle of poverty, exploitation and wealth disparity in failing emerging markets through the decentralized network effects of blockchain technology.
“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 longshot and would not get the support or validation from the speculative crypto market,” said Sinjin David Jung founder, and Managing Director at IBMR.
“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 establish 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.”
The round comes Funding comes Borderless Capital and others and coincides with the official world premiere listing of the ARCC token on BiKi Exchange, a community-driven exchange with over 2 million registered users based in Singapore.
The reserve financing builds on a momentous time for IBMR who recently announced the launch of its microfinance platform and a 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.
“Borderless Capital is focused on bootstrapping innovative use cases building on the Algorand blockchain with payments and fintech platforms being one of our main areas of interest,” said David Garcia, Managing Partner of Borderless Capital.
“ARCC’s concept of using Algo as reserve funding and enabling opportunity for millions of unbanked people in Asia in aspects like microasset management is innovative,” said Arul Murugan, Managing Partner of Borderless Capital.
“The Algorand network is ideal for decentralized financial applications like ARCC, which has made an unwavering commitment to financial inclusion and long term financial freedoms,” said W. Sean Ford, COO of Algorand Inc. “The IBMR team is tackling some of the most difficult international digital monetary problems facing emerging markets with strong offerings built on technology that offers immediate transaction finality and instant economic exchange.”
Coinciding with ARCC’s Reserve funding, the Asia Reserve Currency Coin (ARCC) will be listed on BiKi Exchange on 31 March 2020, and users can look forward to exciting benefits and rewards to be earned from trading ARCC on BiKi.
“We’re beyond thrilled to be the first exchange to list the Asia Reserve Currency Coin (ARCC),” said Ethan Ng, CEO of Biki Exchange.
“We believe fully 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 their 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 more confidence in those unfamiliar to blockchain and cryptocurrencies to understand the vast extent and benefits of it.”
“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.”
“IBMR and ARCC were initiated in May 2017 and was always going to be a longshot and after nearly three years, it has become a reality ushering in a new paradigm of microfinance and empowerment through the direct support of debt-free capital to the urban working poor. Collectively as advisors we congratulate the efforts and vision that has made this launch possible.”
IBMR Advisors include Morgan Potter, Head of 9 Miles Financial, Conroy Cheng, Chow Tai Fook Executive Director, Daius Yuen, Chairman of the Sow (Asia) Foundation, Mary D’Souza, CIO of Misha Investments, Simeon Schnapper, President Hinman Foundation, and, Babak Pasdar, CEO of Acreto Network Security.
The IBMR is a social impact economic development reserve and advisory established to promote distributed inclusive economic development through issuance of regional cryptocurrency reserves.
Also published on Medium.