This month’s collapse of the Silicon Valley Bank was a stark reminder that traditional banking institutions are no more immune to financial tremors than their crypto counterparts.
When news came out that SVB held $3.3 Billion in USD for stablecoin operator Circle, causing stablecoin USDC to temporarily become de-pegged from the dollar and reach a low of $0.87.
Despite these events, Bitcoin made a massive rally to over $28,500 and exciting news broke of the Damex IEO, which launches on April 19th, 2023.
Damex is an established name in finance, providing digital asset services to 750 institutional clients over the past 5 years, and transacting $120 Million USD a month in business volume. But more impressively, Damex holds a Gibraltar DLT license, (1 of 14 in the world) and is fully regulated by the Gibraltar GFSC.
With the increasing regulation of fintech firms and digital asset companies collapsing, crypto projects are coming under increased scrutiny by regulators.
These and the latest tremors in the crypto space have pushed US, Europe, and Asian regulators to fast-tracking their efforts to bring the $1 trillion unregulated market under control. In Europe, companies will soon have to fall in line with the Markets in Crypto-Assets (MiCA) legislative framework which is estimated to come into effect in early 2024.
While crypto firms will scramble to comply with new regulations and laws, Damex already stands amongst a very select group of fintech firms that have passed the tough requirements set by GFSC, the Gibraltar Financial Services Commission.
Damex is a digital asset service provider and a smart fitness app rolled into one. Users can access all of its features through its mobile app which offers services for both individuals and businesses.
Individuals enjoy international remittances, deep liquidity crypto exchange, making and receiving payments through VISA-powered debit cards, and even an IBAN to wire funds to your Damex account. Damex will also be providing individuals with a non-custodial wallet for their assets, loans, stock trading, and even life insurance.
B2b workflows can take advantage of fiat to digital asset conversions, cross-border payment, and even discounts on their trading activities by staking $DAMEX tokens.
The DLT license holder has decided to hold an Initial Exchange Offering for its token, the DAMEX token. The token sale is planned for April 19th and will be open for crypto enthusiasts globally, in line with regulatory compliance.
Damex’s token launch comes at a time when the public is becoming extremely wary of the unregulated crypto space. The platform’s Gibraltar license is surely a safety net that they need, making the Damex IEO an opportunity that negates more risk than that of new projects or unregulated competitors. The Damex IEO will launch from the smart finance app and at least two launchpads. Follow the Damex official twitter account and other social media channels for the launchpad announcement.
