International Blockchain Monetary Reserve Announces $3.48M USD In Reserve Fundingbr>
The International Blockchain Monetary Reserve (IBMR) has raised $3.48 million as an investment seed into the ARCC Currency Reserve. Funding comes directly from Borderless Capital (formely Algo Capital), among others.
IBMR is a social impact economic development reserve and advisory established to promote distributed inclusive economic development through issuance of regional cryptocurrency reserves. Its mission is to to create new decentralized macroeconomic development structures using Social Proof-of-Work that promotes financial inclusion by incentivizing individuals to make positive contributions that expose corruption and improve the conditions of their local communities.
The reserve financing comes in the form of a basket of cryptocurrencies that include ALGO, BTC, and BNB as well as USD, and will coincide with the official world premiere listing of the Asia Reserve Currency Coin (ARCC) on March 31 on BiKi Exchange, a community-driven exchange with over 2 million registered users based in Singapore.
IBMR, who recently announced the launch of its microfinance platform and a dedicated token to promote financial inclusion in Southeast Asia, will be directing much of this funding to ARCC’s microasset token to ensure its long-term viability as an accessible and distributed reserve currency for the region.
“The mission of ARCC is to bring socio-economic transparency and financial stability to the urban working poor of Southeast Asia,” said Sinjin David Jung founder, and Managing Director at IBMR. “We initiated and pushed this project knowing that the scope was a loonshot and would not get the support or validation from the speculative crypto market. 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 establishing 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.”
Ethan Ng, CEO of Biki Exchange, said that they believe fully in IBMR’s 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,” said Ng. “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.”