An ICO has been garnering huge investments from Arab investors who hold an interest in blockchain startups and technology, reported PR Newswire on 31st July. The ICO is Vertex, a project that claims to be designing a unique token to combine venture capital experience, trading, and fair-value-based tokenization.
By securing backing from wealthy investors for its token, Vertex aims to level the playfield to help other potential stakeholders who might be more risk-averse. As the tokens get secured at preferential rates from the backing, the ICO is able to offer more affordable and secure tokens for the general public.
The inspiration behind building such a platform was a “no-brainer,” said Abdullah Al Othaim, investor, and partner, Vertex. “If you see a legit business model missing from the market, you have to ask why and evaluate it. If it makes business-sense and solves a real problem, then you get to work. People are having a hard time investing in an ICO because many are not performing well and the good ones are sold out. Currently, there is no ecosystem in the space being supported by an extreme vetting system, and that’s what makes Vertex unique. Other institutions with similar vetting mechanisms do so for themselves, but Vertex does it for anyone who wishes to have access as long as they pass the KYC,” he further added.
On 31st July, Forbes shared a list top 10 Bitcoin cities in the world and found out that the Gulf countries, including Saudi Arabia, were almost unseen on the world map in terms of cryptocurrencies. The mapping for the Bitcoin hotspots was done by using Coinmap by recording the number of BTC vendors that were listed in a city. Forbes had earlier reported that people in the Gulf states consider Bitcoin and other cryptocurrencies to be non-compliant with Sharia law. This could have been the possible reason for Gulf’s absence on the global Bitcoin hotspot map.
With Vector successfully raising funds for its platform and uniting Saudi billionaires to back a crypto token, the perception among the Gulf regions might change. This comes just a few days after Riyadh, Saudi Arabia’s capital city partnered with the global giant IBM for facilitating government services and transactions on Blockchain.