Gibraltar-based digital asset company Damex.io has announced the launch of its utility token IEO, (via it´s VASP approved subsidiary Damex Ltd) which will start on April 19th, 2023. The company is in a strong position for the launch, having built an established name over the last 5 years, and securing a highly sought-after Gibraltar DLT license. With a reputable brand and financial success already established, Damex is branching out with a smart finance application, and DAMEX utility token.
What is Damex?
It’s been a wild week for crypto following the collapse of Silicon Valley Bank and massive price gains, and now the potentially bigger news is surfacing that Damex, one of Gibraltar’s 14 DLT licensed firms, is launching an IEO in April.
Damex, a financial services company offering trading and custody of digital assets and operating out of Gibraltar, currently sits within a niche space, having received its DLT license and passing strong regulatory checks in Gibraltar. The company already has an established team of 65, and over $120m in business volume each month for its 750+ institutional clients, making this Token IEO one to look out for in 2023.
MiCA, FCA, Whatever Next?
With increasing regulatory implications on the horizon, the crypto market is now in need of a restructuring that avoids some of the issues of the past year, and for better or for worse, regulators worldwide look now toward more heavy-handed measures. The Markets in Crypto Assets (MiCA) regulations now look to close the door to firms who don’t follow the most stringent of practices, and for companies like Damex, this could actually be a big plus as companies with DLT licenses hold the edge over companies who do not.
Damex is one of 14 companies in Gibraltar with such a license, and it is also regulated by the GFSC (the equivalent of the FSC over in Gibraltar), meaning that the company is licensed to provide services for the trading and custody of digital assets, in keeping with future propositions for EU legislation on DLT assets. And to top it all off, this company which looks to be ahead of the curve on regulation is going to be holding an IEO, which could be a very interesting prospect indeed for retail and institutional participants.
An IEO with a Difference
The IEO will be held on Damex’s app, available in the UK and EEA, and we’ve also heard that tokens will be available on various launchpads, although Damex hasn’t released any details yet – staying tuned to socials would be your best bet. Their app will feature cross-border remittance, trading, a Visa Card Program, OTC desk services, cold storage, and a host of step2earn features focused on wellness. Neat.
It will be interesting to see how this project’s sale does on April 19th, in light of providing a potentially safer option for global investors as far as regulatory terms go – especially in the long run. We’ll be watching!
Follow the Damex official twitter account and other social media channels for the launchpad announcement.
