IBMR, an economic development reserve and advisory, announced it has raised $3.48 million as an investment seed into the ARCC Currency Reserve, a basket of cryptocurrencies that include ALGO, BTC, and BNB as well as 700,000 USD in seed investments for US-based tech start-up companies.
Funding comes directly from Borderless Capital (formerly Algo Capital) and others, and coincides with the official world premiere listing of the ARCC token on BiKi Exchange, a community-driven exchange with over 2 million registered users based in Singapore.
The reserve financing builds on a momentous time for IBMR (International Blockchain Monetary Reserve) who recently announced the launch of its microfinance platform and a dedicated token to promote financial inclusion in Southeast Asia. The injection of funding will help back the value of ARCC’s micro-asset token and ensure ARCC’s long-term viability as an accessible and distributed reserve currency for the region. ARCC provides the incentive for participation in the ARCC.one microfinance asset management platform and is issued as an Algorand Standard Asset, ASA, token.
“Borderless Capital is focused on bootstrapping innovative use cases building on the Algorand blockchain with payments and fintech platforms being one of our main areas of interest.”
– David Garcia, Managing Partner of Borderless Capital
Listing on Biki
Coinciding with ARCC’s Reserve funding, the Asia Reserve Currency Coin (ARCC) will be listed on BiKi Exchange on March 31st, 2020. Users will be eligible to earn rewards on BiKi following listing.
“The mission of ARCC is to bring socio-economic transparency and financial stability to the urban working poor of Southeast Asia. We initiated and pushed this project knowing that the scope was a longshot 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 micro-asset. We have taken the first step to establish 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.“
– Sinjin David Jung founder, and Managing Director at IBMR.io.
