Investment platform Relex recently announced it was endorsed by a US$637 million seaport development project which had been personally approved by Vietnam’s prime minister.
As reported by the Cryptonomist, investors include National Bank of Belarus, the Ministry of Finance of the Republic of Belarus, and the Governor of Vitebsk. They have invested US$220 million to finance the My Thuy International Port (MTIP), a commercial port which will serve the Dong Nam economic zone of Quang Tri.
The port will facilitate the transit of cargo ships from Laos and northeast Thailand to the east and west of the economic corridor.
Additionally, Relex was chosen to ensure the same funds and transparency that the company offers with its services. Owing to the platform and its model, the seaport explained in its official letter that Belarus set itself on course to implement new financial instruments through digital technologies and economies
The hope is that Relex and “the unique institutional status/position of its model in Belarus” would enable the port to provide the financing and legitimacy to protect the rights of investors.
The Belarusian government is also using the investments to push for greater cryptocurrency and blockchain adoption. In January, it launched the Currency.com platform, which enables users to purchase shares, gold, and traditional assets directly with crypto.
Relex, which uses virtual assets, is one of the first platforms to implement the new digital economy through the use of crypto to invest in concrete projects. It also demonstrates that such investments are not only feasible, but can offer higher guarantees than more conventional development projects.
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