Tuesday, 02 January 2024 12:17 GMT

Multibank Group's $MBG Utility Token Soars On First Day Of Launch


(MENAFN- Khaleej Times)

MultiBank Group, one of the world's largest and most regulated financial derivatives institutions, saw its $MBG Utility Token triple in value within hours of launching on major international platforms.

Pre-sale buyers had the opportunity to enter at the exclusive price of $0.35, with $MBG surging to $1 shortly after trading opened, underscoring intense demand for the Group's landmark digital asset.

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The $MBG Utility Token is now listed on leading global exchanges MEXC and Gate and is also available through MultiBank and Uniswap. The successful pre-sale and strong market debut mark a significant step in the Group's ongoing digital transformation strategy, further enhancing its four-pillar ecosystem.

Delivering utility across a range of financial applications, $MBG stands apart from speculative tokens by being anchored in substantial real-world assets (RWA), supported by an average daily trading volume of $35 billion and $29 billion in audited holdings. A $440 million buyback and burn program, scheduled over four years, will contribute to stability and future growth.

MultiBank Group Chairman and Founder, Naser Taher, said:“The remarkable rise in $MBG's value on its first day reflects the confidence investors have in our vision and the fundamentals behind our token. Such a response demonstrates the appetite for digital assets that are backed by transparency and robust regulatory standards across our platforms.”

The $MBG Utility Token spans several core areas within MultiBank Group. It is embedded in the Group's flagship CFD business, which generated $362 million in revenue last year. Additionally, the token is incorporated into the forthcoming MEX Exchange, an institutional-grade crypto Electronic Communication Network (ECN) designed for large-scale liquidity aggregation and currently valued at $23.7 billion.

$MBG is also integrated with MultiBank's real estate tokenization marketplace, developed in partnership with MAG Lifestyle Development through a $3 billion agreement to introduce premium properties such as the Ritz-Carlton Residences. Finally, it underpins MultiBank, the Group's highly regulated crypto exchange and the main platform for $MBG market activity. The exchange enables spot trading, derivatives, and soon, future DeFi integrations.

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