Malaysian Cryptocurrency Firm Garners $30 Million From Investors In Two Weeks

2018-6-20 23:02

Malaysian company SIM Chain established itself in the cryptocurrency scene just two weeks ago, and it has already accumulated a whopping $30 million from Chinese investors recently.

Since its launch on June 4, the company has already attracted a hundred business partners from mainland China. SIM Chain CEO Chia Kheng Choon is confident that the company will be able to reach its target of forming business relations with a thousand strategic partners all over the world in just three months time.

An Ambitious Foundation

Choon revealed that the amount they received from investors would be allocated across several varied business ventures within China and Malaysia. Some of these ventures will include businesses within industries such as tourism, travel, hotel and lodging, plantation, hospital and even education, TheSunDaily reported.

While the cryptocurrency business still seems to be on a rocky foundation given its questionable legality, the SIM Chain CEO assures that the company’s business is legitimate.

Choon compared the company’s proprietary digital currency to Bitcoin and stated that it is already being used in China. The SIM Chain CEO is hoping that the digital currency will soon be utilized all over the world.

Furthermore, Choon feels optimistic about the growth of cryptocurrency as he attributed its success to the mindset of Chinese investors, who he believes are “willing to take risks.” He stated:

“It enables them to make millions of dollars within two to five years.”

Risky Business

While Choon is aware that the company’s business operations are similar to that of the controversial Malaysian company known as MBI Group International, he insisted that they are running a “proper” business. The SIM Chain head explained that the legal status of cryptocurrency is still quite “subjective.”

He added:

“It’s not legal internationally, but it’s also not illegal,”

Meanwhile, MBI Group International founder Tedy Teow was charged for issuing digital currency without the permission of Bank Negara Malaysia, which is the country’s central bank. TheStarOnline reported that the 52-year-old founder could receive a fine that could reach as high as RM5 million (US$1.2 million) along with a 5-year jail sentence if found guilty.

The post Malaysian Cryptocurrency Firm Garners $30 Million From Investors In Two Weeks appeared first on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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