Malaysia based Blockchain startup, Belfrics, is gearing to raise $30 million in funding. The company announced on Tuesday, 30 July 2019, that it had successfully deployed the world’s first KYC compliant Blockchain, called Belrium.
In 2018 alone, Venture capitalists poured in over $4 billion into Blockchain — and Belfric wants a portion in order to grow its global network of digital asset exchanges.
Starting in Malaysia, the Blockchain startup has now expanded throughout Asia, Africa and the Middle East. It is one of the first exchanges in the Middle East to receive a sandbox license from Central Bank of Bahrain and singed MOU with Andhra Government in India for a Blockchain solution for the state.
Belfrics claim to be the only exchange capable of complying with GDPR and FATF requirement for data transformation on the Blockchain. Belfrics Academy, the educational wing of the group, recently signed MOU with DIT, a technology university in Tanzania, to train their students on Blockchain technology.
Belfrics is awaiting regulatory approval in Japan, Spain, the US and Mexico for Fintech licenses. The group is currently in discussion with some institutional investors and intend to close the funding round before the end of this year.
“Blockchain was and is still a nascent concept in the market. Everyone’s talking about Blockchain but only a handful understand the true potential of the technology. We combined the money markets and the DLT technology space to develop meaningful products that can affect socioeconomic empowerment to the region where we operate,” says Praveen Kumar, Founder and CEO of the Belfrics Group.
Edited by Jenna Cook
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