Belfrics, a Malaysia based Blockchain startup, is set to raise $30 million in its first-ever round of funding led by global investors after successfully deploying Belrium, a KYC compliant Blockchain.
According to Praveen Kumar, founder and CEO for Belfrics Group, “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.”
With over $4billion invested in Blockchain ventures in 2018, Belfrics is currently in discussion with some institutional investors and intend to close the funding round before the end of this year.
Based out of Malaysia, Belfrics is present in Asia, Africa and Middle East region. It also became the first exchange 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.
By deploying the Belrium Blockchain, Belfrics addresses the core Know your client issue for Blockchain transactions. Belfrics complies with GDPR and FATF requirement for data transformation on the Blockchain.
Belfrics also recently released its 1st set of DAPP on the said Blockchain.
Belfrics education arm Belfrics Academy recently signed MOU with DIT, a technology university in Tanzania, to train their students on Blockchain technology.
The startup has lodged for patents for Blockchain based KYC solution and banking on the Blockchain awaiting regulatory approval in Japan, Spain, US and Mexico for Fintech licenses.
Governments, are slowly and steadily, legitimizing digital assets and banks and social media giants like Facebook are jumping into the crypto bandwagon, giving the Blockchain industry hopes for massive adoption in the recent years to come. With these developments, Blockchain is expected to remain the hottest domain space for the venture capital investments for 2019-2020.