• SVB Financial Group and Signature Bank filed for Chapter 11 bankruptcy protection.
• Bitcoin (BTC) is rallying to its highest price since June 2022.
• Damex announced the launch of its IEO, which is regulated by the Gibraltar Financial Services Commission and has a Gibraltar DLT license.
SVB & Signature Bank Filing for Bankruptcy
This week in crypto, Silicon Valley Bank’s former parent company, SVB Financial Group (SIVB), filed for Chapter 11 bankruptcy protection, with Signature bank following in its footsteps. Despite these foreboding events, bitcoin (BTC) has rallied to its highest price since June 2022.
DameX Launching an IEO
Damex.io, a digital asset trading company, announced its Initial Exchange Offering (IEO) launch would be on Apr. 19, 2023. The platform is regulated by the Gibraltar Financial Services Commission (GFSC). It has a Gibraltar DLT license, which makes it one of only 14 companies in the world with the accreditation. Damex also has five years of successful business and manages over 750 business clients worldwide, overseeing $120m of trades per month.
Regulations & New Laws
With new regulations from the United States Securities and Exchange Commission (SEC) and Europe’s impending introduction of the Markets in Crypto-Assets (MiCA) regulatory framework, digital asset companies must be vigilant and follow the new laws to the letter. However, Damex’s regulatory accreditation and successful track record make it an attractive option for investors and users.
Smart Finance App
Damex started developing a smart finance app in 2022, inspired by the COVID lockdown. The goal was to create a solution to benefit everyday crypto users and businesses while promoting health with an inbuilt gamification layer and rewards system. The app offers cross-border remittance, crypto/fiat trading, Visa card program Over-The-Counter (OTC) desk services cold storage IBAN banking token staking etc., as well as staking DAMEX tokens to eliminate exchange fees gain access to VIP premium memberships earn cash back unlock non-custodial wallets life health insurance loans stock trading NFTs etc..
Conclusion
Overall Damex provides a secure platform for investors interested in participating in an IEO that is compliant with all applicable regulations while providing additional features such as staking tokens for rewards & more benefits for users such as life & health insurance loans stock trading NFTs etc…