Malaysian Cryptocurrency Startup Attracts $30 Million From Chinese Investors

SIM Chain International, a Malaysian cryptocurrency startup, established just two weeks ago on June 4, has attracted an investment of $30 million from around 100 mainland Chinese business partners. According to the CEO of the company, Chia Kheng Choon, the funds will be invested in over 100 industries including plantation, tourism, hospital, travel, hotel, and education. SIM Chain is planning to invest the fund in both China and Malaysia.

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SIM Chain aiming for 1,000 strategic partners

SIM Chain is a subsidiary of Koperasi Blue Ocean 1 Nation Kuala Lumpur Bhd having major interests in multi-level marketing, Murabaha & Ijara fund, movie production, crowdfunding, tourism, real estate and education. The company is also engaged in other activities including laundry, fixed deposit, catering, Ar-Rahnu (pawnshop), and plantation/farming.

The CEO of the startup has said that they have a target of striking strategic partnerships with 1,000 companies worldwide within three months. By doing so the company aims to explore the vast investment opportunities that various fields and industries offer. While talking about the legitimacy of cryptocurrency, Chia said that the legality of virtual currency is subjective. According to him, although the digital currency is not legal internationally, it is also not considered illegal.

Moreover, it will be easier for his company to achieve the goal as the popularity and acceptance for the digital currency as the major alternative to fiat currency is growing fast.

Chinese ready to take risks says Chia                                        

During his dinner meeting with the Chinese business partners a few days ago, Chia vouched for the credibility of his company saying that SIM Chain is legitimate and comes under the ‘proper’ business category in the country. However, he also added that his startup has some similarities with the MBI Group International, which is currently facing lots of controversies. The CEO of SIM Chain said, “The Chinese are willing to take risks and they have this mindset, so it enables them to make millions of dollars within two to five years.”

Chia also stated that the proprietary digital currency of SIM Chain is similar to Bitcoin (BTC) and is currently being used for transaction in China. According to him, the currency will be available internationally very soon.

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