Malaysian blockchain startup Belfrics Group, which runs crypto exchanges and blockchain development solutions in many countries, is raising US$30 million through its first round of funding after successfully deploying the world’s first KYC-compliant blockchain “Belrium” and decentralized applications (DApps).
By deploying the Belrium platform, Belfrics addresses the core Know-Your-Customer issue for blockchain transactions. Belfrics complies with GDPR (General Data Protection Regulation) and FATF (Financial Action Task Force) requirements for data transformation on the blockchain.
According to Praveen Kumar, founder and CEO of Belfrics Group, the distributed ledger technology is still in its infancy and few understand its true potential.
“Blockchain was and is still a nascent concept in the market,” said Praveen. “Everyone’s talking about Blockchain but only a handful understand the true potential of the technology. We combined the money markets and the DLT technology space to develop meaningful products that can affect socioeconomic empowerment to the region where we operate.”
With over US$4 billion invested in blockchain ventures in 2018, Belfrics is currently in discussions with institutional investors and expects to conclude the funding round before the end of the year.
Belfrics has expanded its business throughout Asia, Africa, and the Middle East. The startup has the first exchange to obtain a sandbox license from the central bank of Bahrain. It has also signed a Memorandum of Understanding (MoU) with India’s Andhra Government for developing a state blockchain solution.
A recently published Gartner report placed Belrium, the blockchain mainnet developed by Belfrics, among the top 10 platforms that yield real-world projects.
Media and investors are expecting to see results delivered by Belfrics’ initiatives within 2020, which is seen as a decisive year for the blockchain startup.
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