Belfrics Seeking US$30million Funding for Belrium Blockchain

KYC blockchain innovator Belrium is ready to raise capital in their inital funding round

Belfrics Seeking US$30million Funding for Belrium Blockchain

Kuala Lumpur based fintech Belfrics is preparing to seek US$30million in its first round of financing. The company has a string of digital exchanges across Asia and the Middle East.

The company's blockchain, Belrium, is claimed to be the first that is KYC compatible. The comany has been working with regulators to gain licenses for digital asset exchanges, allowing crypto trading, including an initial license from the Central Bank of Bahrain and awating responses in Spain, Japan, and Mexico.

Belfrics is said to be in negotiations with venture capital firms and aims to have their initial round of funding in place by the end of 2019. With around US$4billion invested in the fintech market in the last year by venture capital, the company is optiimistic about hitting their funding target.

"Everyone talks about blockchain, but only a few understand the true potential of this technology. We combine money markets and DLT technology space to develop relevant products that can give socioeconomic power to the regions in which we operate, "says Praveenkumar, founder and CEO of Belfrics Group.