This archive report was first published on 31 July 2019.
Malaysia-based Blockchain startup Belfrics Group is poised to raise $30 million in its inaugural funding round, led by global investors, following the successful deployment of Belrium, a KYC compliant Blockchain.
According to Praveen Kumar, founder and CEO of Belfrics Group, the company's innovative approach to combining money markets and Distributed Ledger Technology (DLT) has enabled the development of meaningful products that can drive socioeconomic empowerment in the region.
With over $4 billion invested in Blockchain ventures in 2018, Belfrics Group is currently in discussions with institutional investors and aims to close the funding round before the end of the year.
Headquartered in Malaysia, Belfrics Group operates in Asia, Africa, and the Middle East, and has secured a sandbox license from the Central Bank of Bahrain, making it the first exchange in the Middle East to do so. The company has also signed a Memorandum of Understanding (MOU) with the Andhra Government in India for a Blockchain solution for the state.
By deploying the Belrium Blockchain, Belfrics Group addresses the core Know Your Client (KYC) issue for Blockchain transactions, ensuring compliance with GDPR and FATF requirements for data transformation on the Blockchain.
The company has also released its first set of Decentralized Applications (DAPPs) on the Belrium Blockchain and has partnered with DIT, a technology university in Tanzania, to train students on Blockchain technology.
Belfrics Group has filed patents for its Blockchain-based KYC solution and is awaiting regulatory approval for Fintech licenses in Japan, Spain, the US, and Mexico.
As governments and major players like Facebook increasingly legitimize digital assets, the Blockchain industry is poised for massive adoption in the coming years, with venture capital investments expected to remain a key driver in the 2019-2020 period.
