(MENAFN- Khaleej Times)
SwissBorg on Tuesday announced its launch in the UAE, to offer the safest and easiest app to invest and earn interest on assets through Web 3.0.
Europe's leading cryptocurrency wealth management app brings more than six years of expertise to the UAE, introducing a digital asset management app that takes the guesswork out of crypto investments. The award-winning app's formula for mass adoption is two-fold — simplicity and automation — to help anyone regardless of age or skills, become a community member.
Anthony Lesoismier, co-founder and chief strategy officer at SwissBorg, said the platform is pioneering a new era in asset management and private banking supported by blockchain technology and cryptocurrencies assets.
'We see cryptocurrencies as a serious investment, and our goal is to provide a variety of long-lasting crypto financial products that everyone can use to participate in the largest wealth transition in human history. The UAE serves as our perfect Middle Eastern launch pad because it is the region's commercial, technological and cultural hub. Our extensive experience will enable UAE investors to make more confident cryptocurrency investments,” he said.
Partnership with Crypto Oasis
SwissBorg has entered partnerships with local leaders Crypto Oasis in the UAE and is also currently raising funds in the region for a strategic round focusing on short to long-term value creation. The company wants to help the region gain knowledge and expertise on cryptos as a technology, collaborate with local authorities and build a deeper understanding and trust over the long term.
In the first year of its operation, the organisation raised Dh200 million via a successful Initial Coin Offering across 146 countries from 25,000 individual contributors across the globe. Today, the platform has 700,000 active users across multiple countries, having established strong relationships with various banks with fiat gateways for 16 currencies and credit cards.
In the UAE, the adoption of cryptocurrencies has gained popularity, with both local and international players in healthy competition. According to Gemini's 2022 report 'Global State of Crypto', 35 per cent of the UAE population have adopted some form of crypto tokens, compared to 17 per cent uptake in developed nations.
And of the part of the population that has not yet invested, 32 per cent are likely to purchase crypto in 2023. A third of the crypto owners use it to make in-person purchases at brick-and-mortar retailers, compared to just 19 per cent of owners globally.
UAE going to be crypto capital of the world
Alexander Fazel, chief partnerships officer, said the UAE is on a trajectory to becoming the crypto capital of the world by gathering industry leaders from all corners of the globe.
'At SwissBorg, our goal is to be the bridge between traditional finance and decentralised finance and contribute to a world where one community will reshape centuries of broken finance. We're at the crossroads of a new era and are forever grateful to be a part of this vibrant community,' he said.
'We are bringing in people from all walks of life and there is nothing more rewarding than having teenagers to senior citizens with the same purpose. SwissBorg will redesign the Bank of the Future layer by layer by educating new crypto investors in the UAE to be a part of this paradigm shift,” he said.
SwissBorg is the first company to give complete transparency on Proof of Assets and Proof of Liabilities trackable at any time in real-time using blockchain technology, creating new norms to restore trust among centralized exchanges in the wake of the recent FTX incident. SwissBorg also offers a live dashboard with key analytics to understand the business activity.
SwissBorg considers it to be a conflict of interest for it to be both an exchange and a custodian. The company strongly believes that all assets must be kept separate from the exchange to avoid significant failures, like Celsius and FTX. SwissBorg does not hold custody of users' funds and uses Fire Blocks, the most trusted custodian with MPC Technology to protect users' assets at all times.
The all-in-one crypto investment mobile app's interface is simple yet robust to use. It provides a welcoming environment for first-time crypto investors, offering a wide range of services for novice to advanced users. Binance, Kraken, LMAX, Bitfinex, and SwissBorg, are connected to the order management system (OMS), which actively searches for the best pricing for its users resulting in the platform becoming their main trading account.
Users can start investing in three simple steps — upload their personal information and proof of identity, which is completely automated, make a deposit with their credit card or cryptos and they can then start investing.
SwissBorg's aim in the market is to provide local investors with a reliable platform to invest in cryptocurrencies to encourage the use of technology that reduces the wealth gap. The business has never required venture capitalism funding or institutional finance and has sailed through two different crypto crises. It comes as an alternative of choice for investors that are valuing trust, integrity, and long-term investment.