This week in crypto, Silicon Valley Bank’s former parent company, SVB Financial Group (SIVB), filed for Chapter 11 bankruptcy protection, with Signature bank following in its footsteps. Despite these foreboding events, bitcoin (BTC) has rallied to its highest price since June 2022. Meanwhile, the digital asset service Damex announced the launch of its IEO.
Damex.io, a digital asset trading company, announced its Initial Exchange Offering (IEO) launch would be on Apr. 19, 2023. The platform is regulated by the Gibraltar Financial Services Commission (GFSC). It has a Gibraltar DLT license, which makes it one of only 14 companies in the world with the accreditation. Damex also has five years of successful business and manages over 750 business clients worldwide, overseeing $120m of trades per month.
With new regulations from the United States Securities and Exchange Commission (SEC) and Europe’s impending introduction of the Markets in Crypto-Assets (MiCA) regulatory framework, digital asset companies must be vigilant and follow the new laws to the letter. However, Damex’s regulatory accreditation and successful track record make it an attractive option for investors and users.
Damex started developing a smart finance app in 2022, inspired by the COVID lockdown. The goal was to create a solution to benefit everyday crypto users and businesses while promoting health with an inbuilt gamification layer and rewards system. The app, available to UK and EEA residents now, offers cross-border remittance, crypto/fiat trading, a Visa card program, Over-The-Counter (OTC) desk services, cold storage, IBAN banking, token staking, and more.
App users can also stake the platform utility token, DAMEX, to eliminate exchange fees, gain access to VIP premium memberships, earn cash back, and new features such as non-custodial wallets, life, and health insurance, loans, stock trading, and NFTs. Users can also stake DAMEX tokens to access governance rights on crucial app features, token listings, and more. Tokens can be purchased during the IEO or earned by participating in various in-app activities.
The Damex IEO offers an exciting opportunity for investors to be part of a company with a strong track record, comprehensive features, and regulatory accreditation. The platform’s intelligent finance app offers many benefits for businesses and individuals, and its IEO is available globally. 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.
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Source: https://crypto.news/one-of-14-companies-with-a-dlt-license-in-gibraltar-to-launch-ieo/