A Taste Of Freedium
Gulf Business|May 2018

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

Neil King
A Taste Of Freedium

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.

Denne historien er fra May 2018-utgaven av Gulf Business.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra May 2018-utgaven av Gulf Business.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA GULF BUSINESSSe alt
Green lights
Gulf Business

Green lights

It hasn’t even been a full year that Stellantis, one of the world’s biggest auto companies, has been in existence. Still, its wheels are spinning furiously. Here’s what it has in store for the region

time-read
6 mins  |
December 2021
Purpose through corporate responsibility
Gulf Business

Purpose through corporate responsibility

Every organisation must deeply reflect about whether they are leaving behind a legacy or a liability, says Abdulaziz AlSowailim, EY MENA chairman and CEO

time-read
5 mins  |
December 2021
Analysing the layers of a coconut
Gulf Business

Analysing the layers of a coconut

When we have a sense of clarity as to our purpose in life, then we institute the correct practices and habits around us, and set realistic and achievable results

time-read
3 mins  |
December 2021
DUNES TO DOMINION
Gulf Business

DUNES TO DOMINION

FOR A COUNTRY RICH IN TRADITION AND DRIVEN BY AMBITION, THE UAE’S JOURNEY DURING THE PAST 50 YEARS HAS BEEN UNPRECEDENTED. WHAT’S IN STORE FOR THE NEXT 50?

time-read
9 mins  |
December 2021
Building strong
Gulf Business

Building strong

International investors are boosting Dubai’s residential property market, which has rebounded strongly from the Covid crisis, writes Aarti Nagraj

time-read
3 mins  |
December 2021
CHASING THE AMERCIAN DREAM
Gulf Business

CHASING THE AMERCIAN DREAM

FOR SHAI ZAMANIAN, THE US IS A LAND OF LIMITLESS POSSIBILITIES, AN AVENUE HE AIMS TO OPEN FOR FAMILIES WORLDWIDE VIA IMMIGRATION. HERE’S HOW HE IS BRINGING HIS GOAL TO FRUITION

time-read
6 mins  |
December 2021
OBITUARY: JOCELYN HENDERSON (1921-2021)
Gulf Business

OBITUARY: JOCELYN HENDERSON (1921-2021)

THE GRANDE DAME OF ABU DHABI – THE WIFE OF A FORMER DIPLOMAT – PASSED AWAY IN THE UAE CAPITAL AGED 100

time-read
3 mins  |
December 2021
THE DIGITAL DISRUPTORS
Gulf Business

THE DIGITAL DISRUPTORS

IN THE COMING YEARS, THE GCC IS EXPECTED TO PLAY A SIGNIFICANT ROLE IN SECTORS SUCH AS HEALTHCARE, MANUFACTURING, EDUCATION AND RETAIL, WHICH WILL HELP BOOST THE GROWTH OF ITS NON-OIL ECONOMY

time-read
7 mins  |
December 2021
Signed, sealed, delivered
Gulf Business

Signed, sealed, delivered

Nicolas Baretzki, CEO of Montblanc, partnered with one of the world’s most recognisable luxury brands, Ferrari, earlier this year. Here’s where the partnership, and the German company as well, is headed next

time-read
6 mins  |
December 2021
UP, UP AND AWAY
Gulf Business

UP, UP AND AWAY

AS THE FIRST IN-PERSON AIRSHOW TO TAKE PLACE SINCE THE OUTBREAK OF THE PANDEMIC, THE EVENT SAW SEVERAL DEALS ANNOUNCED

time-read
4 mins  |
December 2021