A Commodities-Backed Cryptocurrency Launched by Dubai-Based Firm

The company Freedium, which is established at the Dubai Multi Commodities Centre has announced the launch of commodities-backed digital currency tracking the US dollar.

Freedium, which is based on Blockchain will support financing to commodity owners in emerging markets, such as Latin America and Africa, Asia and Middle East.

The company plans to be operation by the third quarter of 2018, with its first Freedium coin expected to be issued in Q4.

Freedium is going to use blockchain technology to free developing countries from constraints such as limited admittance to financing, foreign exchange scarcity, volatile currencies and limited access to banking services. Keba Keinde, the Freedium’s founder and chairman said:

“Emerging and developing countries have a population of 6 billion people, represent 60 percent of global GDP and generated 80 percent of global GDP growth since 2008”.

“Mobile and smart phones have allowed these countries to get connected with the rest of the world and access the global information superhighway.

“Now, the blockchain technology can enable emerging and developing countries to efficiently transact with other nations and access global financial markets”.

Also he added, that they set out to manage a financially inclusive ecosystem that would enable people from emerging and developing countries to access financing and banking services to send, receive and store money in a stable and fully backed digital currency.

The company Freedium chose Dubai as an operational base because of its well-established governance, legal and regulatory frameworks.