Malaysia’s Belfrics Group to Launch First Funding Round

Asia Blockchain Review
August 12, 2019

Malaysian blockchain startup Belfrics Group, which runs crypto exchanges and blockchain development solutions in many countries, is raising US$30 million through its first round of funding after successfully deploying the world’s first KYC-compliant blockchain “Belrium” and decentralized applications (DApps).

By deploying the Belrium platform, Belfrics addresses the core Know-Your-Customer issue for blockchain transactions. Belfrics complies with GDPR (General Data Protection Regulation) and FATF (Financial Action Task Force) requirements for data transformation on the blockchain.

Belfrics’ Funding Round to Close by end-2019

According to Praveen Kumar, founder and CEO of Belfrics Group, the distributed ledger technology is still in its infancy and few understand its true potential. 

“Blockchain was and is still a nascent concept in the market,” said Praveen. “Everyone’s talking about Blockchain but only a handful understand the true potential of the technology. We combined the money markets and the DLT technology space to develop meaningful products that can affect socioeconomic empowerment to the region where we operate.” 

With over US$4 billion invested in blockchain ventures in 2018, Belfrics is currently in discussions with institutional investors and expects to conclude the funding round before the end of the year.

Belfrics Goes Global with Blockchain Initiatives

Belfrics has expanded its business throughout Asia, Africa, and the Middle East. The startup has the first exchange to obtain a sandbox license from the central bank of Bahrain. It has also signed a Memorandum of Understanding (MoU) with India’s Andhra Government for developing a state blockchain solution. 

A recently published Gartner report placed Belrium, the blockchain mainnet developed by Belfrics, among the top 10 platforms that yield real-world projects. 

Media and investors are expecting to see results delivered by Belfrics’ initiatives within 2020, which is seen as a decisive year for the blockchain startup. 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us