IBMR has announced a partnership with Algorand, an open-source proof-of-stake blockchain protocol.
This is according to a press release by IBMR. The partnership was formed to create ARCC.one, a microfinance ecosystem platform. ARCC.one will help the Asia Reserve Currency Coin (ARCC) to stimulate the financial inclusion of the urban working poor in Southeast Asia. The platform will run on the Algorand 2.0 protocol.
This partnership comes at a time when over 300 million adults in Southeast Asia are unbanked. They also have very little or no access to credit facilities, investment, and insurance. This fact has led to a rapid increase in the usage of crypto in the region.
Notably, cryptocurrency transactions are expected to make up about half of all global transactions by 2025. Inadvertently, rising well above the $1 trillion benchmark. Founded by Sinjin David Jung, IBMR is indeed reaching out to the unbanked. Sinjin was also the former Vice Chairman of True Money Philippines, one of the prominent fintech firms in the Philippines.
Besides, Sinjin said, “We’re excited to be leveraging what we see as the best blockchain tech and applying it to a new structural solution”.
More on ARCC.one
The ARCC is the world’s first micro asset to empower the poor working in urban areas in Southeast Asia with debt-free capital. It is setting the pace for financial freedom in the region. It is also important to note that Algorand recently launched the Algorand Standard Asset (ASA). A platform that enables ARCC tokenization and on-chain representation.
Users can also earn ARCC tokens by completing socio-economic surveys on the ARCC.one mobile app. All surveys taken will help contribute to ARCC’s “Public Mandate Network”. The latter is a blockchain information network that verifies and also adds incognito data to the decentralized network. This method will provide ARCC’s network with irrefutable data set.
Besides, users can also stake ARCC tokens. All staked tokens will help fund community infrastructure projects.
COO of Algorand, W. Sean Ford said, “It is inspiring to see the convergence of blockchain technology and forward-thinking initiatives like the ARCC that IBMR is launching”. He also added, “together, we have a shared vision for economic inclusivity and frictionless transactions as the model for decentralized finance”.
IBMR also recently partnered with Republic. It is a prime advisory firm on token economics and business development.
Recently, Binance announced support for the newly launched Algorand 2.0.