In an exclusive interview, the founder, chairman and CEO of Millennium Finance Corporation, Keba Keinde, talks to Gulf Business about his new venture into cryptocurrency and why his Freedium coin could change the lives of 6 billion people worldwide
WHEN THE GOVERNMENT of the UAE announced last month that it aims to use blockchain for half of its transactions by 2021, it was the latest in a long line of statements to confirm the growing importance and impact of the database technology – not just in the region, but across the world.
Since its invention by Sataoshi Nakamoto in 2008 to support cryptocurrency bitcoin, the incorruptible digital ledger of economic transactions has evolved to become a highly sought-after technology for businesses – so much so that the Middle East and Africa spending on blockchain is expected to more than double this year, according to consultancy firm International Data Corporation.
In Dubai especially you don’t need to look far to appreciate the burgeoning influence of blockchain. The emirate established the Global Blockchain Council, intends to use the technology for all government documents by 2020, and plays host to two major events – the Future Blockchain Summit, taking place this month, and the World Blockchain Forum, which was held at Madinat Jumeirah in April.
It was during the latter event that a new product was officially launched that showcases the power and potential of blockchain technology – a digital currency that could change the lives of billions of people worldwide: Freedium.
Based out of the Dubai Multi Commodities Centre, Freedium is the first commodities-backed digital stable currency, using blockchain technology to provide financing to commodity owners in emerging markets – particularly in Africa, but also in Latin America, Asia and the Middle East.
With plans to be operational by the third quarter of this year, the firm expects to issue its first Freedium coin in Q4, and aims to free developing countries from constraints linked to volatile currencies, limited access to banking services and foreign exchange scarcity.
This story is from the May 2018 edition of Gulf Business.
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This story is from the May 2018 edition of Gulf Business.
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