Freedium, a company establishing a presence at the Dubai Multi Commodities Centre (DMCC), announced the launch of the first commodities backed digital stable currency, tracking the U.S. Dollar. Based on the blockchain technology, the company has plans to be operational by the third quarter of 2018.
The firm is expecting to issue its first Freedium coin in 4Q 2018.
Freedium set out to develop a solution based on the blockchain technology to unleash emerging and developing countries from constraints such as limited access to financing, foreign exchange scarcity, volatile currencies and limited access to banking services.
"Emerging and developing countries represent 60% of global GDP and generated 80% of global GDP growth since 2008. Mobile and smart phones allowed these countries to get connected with the rest of the world. Now, the blockchain technology can enable emerging and developing countries to efficiently interact financially with other nations and access global financial markets." said Keba Keinde, Founder and Chairman of Freedium.
"We seek to establish a financially inclusive ecosystem that is based on the concept of financial integration so that people in emerging and developing countries can access financial and banking services in order to send, receive and store money through a fully supported stable digital currency as well as smooth and effective trading under contracts governed by the principles of Know Your Business and Laws Combating money laundering.”
Freedium chose Dubai as an operational base, and it cooperates with blockchain platform partners including WANCHAIN, VAPHR and BITSAPPHIRE.