Malaysia wants to launch the world’s first physical blockchain bank. The project is a cooperation between CGCX.io, the Archipelago Group, and IBH Capital, with the intention to close the gap between the traditional and the crypto-investment world.
As reported by Cryptoglobe on December 17, CGCX.io, the Archipelago Group, and IBH Capital want to create the first physical blockchain bank. The three founding parties will contribute with their core competencies to the joint venture.
Singapore-based crypto company CGCX.io is responsible for the technical part, offering a crypto exchange with a versatile range of services for all customers. A daily trading volume of $ 10 million dollars will provide a solid financial base. Just recently CGCX.io collected 32.5 million US dollars of funding in an ICO. CGCX.io also provides a multifunctional wallet.
Anandh Swami, CEO of the company, explains:
“Unlike most exchanges that offer only cryptocurrency trading, CGCX.io is setting itself apart in the Distributed Ledger Technology field by providing five platforms rolled into one to offer a wide variety of services to its customers.”
The security of Blockchain Bank operations will be provided by the Malaysian insurance group Archipelago. 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 marketplace characterized by constant changes. But the more things change, the stronger our commitment in upholding our core approach – building value for our investors by staying true to our client-focused approach; sound and sustainable investment approach through industry expertise and thorough analysis.”
Malaysian Blockchain Bank
The investment bank will be located in Labuan, Malaysia. Until the 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 this a step in the right direction, or should we just be our own bank? Let us know in the comments below.