Tue, 26 May 2020

IBMR to Run Microfinance App on ARCC

ACCESSWIRE
02 Apr 2020, 07:13 GMT+10

NEW YORK CITY, NY / ACCESSWIRE / April 1, 2020 / The International Blockchain Monetary Reserve (IBMR) has successfully invested $3.48 million as an investment seed into ARCC (Asia Reserve Currency Coin) Currency Reserve. The currency reserve is a basket of cryptocurrencies that includes Algorand (ALGO), Bitcoin (BTC), and Binance Coin (BNB), as well as 700,000 U.S. dollars in seed investments for United States-based tech startup companies. These assets will back the ARCC token, which recently got listed on the BiKi Exchange, a company with more than two million registered users in Singapore.

ARCC.one - The microfinance platform on Algorand

IBMR also announced that they have partnered with Algorand to launch ARCC.one, a microfinance ecosystem platform, on Algorand 2.0. ARCC.one has been specifically built to support the ARCC currency. ARCC plans to be the world's first micro asset that will give the means of financial inclusion to the urban working poor in Southeast Asia. There are 300 million unbanked adults in SE Asia, with no access to credit, investment, and insurance facilities. As a result, they have turned to digital payments and it is expected that by 2025 they will make up nearly half of all transactions, going past the $1 trillion-mark. ARCC will leverage the Algorand Standard Asset (ASA) functionality.

ASA allows anyone to create a Layer-1 token or asset on the Algorand network and has the following properties:

Tokens created using the ASA standard inherit all the same features, security, transaction finality, and performance of the primary Algorand token (Algo).

The tokens created using ASA are configurable and can represent virtually anything.

The two companies released the following statement regarding ARCC.one:

'Through ARCC.one, a mobile app, users can complete socio-economic surveys to earn ARCC tokens. ARCC tokens will be able to contribute to ARCC's ‘Public Mandate Network', a decentralized information network that verifies and aggregates anonymous data onto the blockchain. Under this method, ARCC's Public Mandate Network creates an indisputable data set that can be used as a public mandate for change by creating an environment of Radical Social Transparency. Once earned, ARCC tokens can be used in asset management services through ecosystem microfinance partners to build wealth. ARCC tokens can also be staked by users to fund community infrastructure projects and, unlike traditional banks, will have no holding fees or minimum balances.'

Why Algorand?

Algorand is a one-of-a-kind pure proof-of-stake blockchain protocol that allows developers to create scalable blockchain-native solutions for real-world use cases. Created by Turing Award-winner, Silvio Micali, Algorand aims to move friction from financial exchange, boost DeFi evolution by enabling the creation and transference of value, build new financial tools and services, bring assets on-chain, and provide responsible privacy models.

As Sinjin David Jung, Founder, and Managing Director at IBMR.io., puts it:

'After months of discussion, it was clear that Algorand's strong interdisciplinary approach to monetary economics, technology and ecosystem focus was beneficially aligned with our own social impact mission for empowerment through the creation of the world's first micro asset, ARCC. We're excited to be leveraging what we see as the best blockchain tech and applying it to a new structural solution for the inclusive economic development of emerging markets.'

Despite the overall market conditions, Algorand continues to prove that if a project is backed by robust technology, it will thrive no matter the external circumstances. Over the last few months, Algorand has partnered up with Republic to democratize investment, Italian Society of Authors and Publishers (SIAE) to create a new platform for decentralized copyright management, and Marshall Islands to launch their national digital currency with the help of SFB Technologies. This partnership with IBMR is the latest notch in Algorand's already impressive resume.

CONTACT:

Hector Cullen
hector@bcnewswire.com

SOURCE: BC Newswire



View source version on accesswire.com:
https://www.accesswire.com/583532/IBMR-to-Run-Microfinance-App-on-ARCC

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