(MENAFN- GetNews)
GEM Global Yield LLC SCS (“GGY”), the Luxembourg-based vehicle that is part of the GEM Group, made a $15 million capital commitment to Recast1, a cryptocurrency start-up.
“Recast1 will use GEM capital to strengthen its position in the industry, and will work tirelessly to create a user-friendly coin that can also be used for commercial purposes. With GEM's funding, we'll be able to take Recast1 even farther, with our effective answers to the unavoidable issues of cryptocurrencies” Imran TARIQ, CEO of Recast1
About Recast1
Recast1 Coin is the first“user-oriented coin” that is decentralized and independent of global fiat currencies, with a unique CMA algorithm to assure stability. R1 is neither backed by reserves or pegged to any other currency; rather, R1 is solely trustworthy due to its algorithm, which is based on user activities. On the other side, coins and algorithmic coins are simply concerned about price rather than demands. Recast1 offers incentives based on changing transfer demand, focuses on users, and allows them to be cost-effective; as a result, everything revolves around the users and their needs.
Its purpose is to make the system more user-friendly by eliminating the average annual loss and excessive fees that daily/hourly customers pay.
R1 rewards everyone of its users every time a transaction is completed, unlike other cryptocurrencies that only reward some users through proof of stake or proof of work.
For more information visit: recast1.org
About GEM
Global Emerging Markets (“GEM”) has offices in New York, Paris and Nassau Bahamas. It is a $3.4 billion alternative investment group that manages a diverse set of investment vehicles focused on emerging markets and has completed over 530 transactions in 70 countries covering 5 continents.
GEM's investment vehicles provide the group and its investors with a diversified portfolio of asset classes that span the global private investing spectrum.
Each investment vehicle has a different degree of operational control, risk-adjusted return and liquidity profile. Our family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities (PIPEs) and select venture investments.
More company info at gemny.com .
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