Just In: GFSC Regulated Damex to Hold Fully Compliant IEO

CryptoMode Damex IEO

The recent collapse of Silicon Valley Bank has highlighted that traditional banking institutions are not immune to financial instability. The news that SVB held $3.3 billion in USD for crypto giant Circle, who temporarily experienced a de-peg of their native USDC stablecoin to as low as $0.87, was a stark reminder of this fact. However, amidst all this chaos, there is some good news for crypto enthusiasts. Bitcoin has rallied to an impressive $28,500, and exciting news has broken about the Damex IEO, which is set to launch on April 19th, 2023.

Damex is an established name in the DLT finance world, providing digital asset services to 750 institutional clients over the past five years, with a figure of $120 million USD a month in business. But what’s more impressive is that Damex holds a Gibraltar DLT license, making it one of only 14 fintech firms in the world that are fully regulated by the Gibraltar GFSC.

The increasing frequency of crypto firms and digital asset companies collapsing has raised concerns about the need for, and the looming reality of more regulation in the crypto space. A lack of oversight by regulators and noncompliance by projects is what led to a domino effect of financial failures in 2022 and into 2023. With Europe’s Markets in Crypto-Assets (MiCA) legislative framework set to come into effect in early 2024, companies will soon have to comply with new regulations and laws.

Damex is one of the few DLT providers that have passed the tough requirements set by the Gibraltar Financial Services Commission. Damex is a digital asset service provider and a smart fitness app (available to UK and EEA residents) rolled into one. The platform offers services for both individuals and businesses, including international remittances, and a deep liquidity crypto exchange. The app will give users the ability to make and receive payments through VISA-powered debit cards, and even an IBAN to wire funds to or from their Damex account.

Additionally, Damex will be providing individuals with a non-custodial wallet for their assets, loans, stock trading, and even life insurance. Institutional clients can also enjoy fiat to digital asset conversions, cross-border payment, corporate-level VISA cards, and discounts on their trading activities by staking $DAMEX.

The DLT licensed payment processor is holding an Initial Exchange Offering for its token, $DAMEX. The token sale is planned for April 19th and will be open to all regions. The Damex IEO provides an opportunity for investors to gain exposure to a regulated platform that negates more risk than that of new projects or unregulated competitors, giving it and its customers an edge.

Damex‘s DLT license and compliance with regulations are sure to make the platform a safety net in the midst of increasing instability in the crypto space, and with an IEO on the way which provides an opportunity for investors to invest in a regulated platform with a proven track record and reap the benefits.

The Damex IEO will launch globally 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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