The International Blockchain Monetary Reserve (IBMR) appear it has raised $iii.48 million as an investment seed into ARCC Currency Reserve.

The reserve is a basket of cryptocurrencies that includes Algorand (ALGO), Bitcoin (BTC), and Binance Money (BNB) also as 700,000 U.Southward. dollars in seed investments for United States-based tech startup companies. These assets back the value of the Asia Reserve Currency Coin, or ARCC.

The funding, according to an proclamation on March 25, volition come up straight from Borderless Capital and other companies and coincides with the official listing of the ARCC token on BiKi Exchange — a company that currently has over two million registered users in Singapore.

IBMR'southward investment seed targeting Southeast Asia

The announcement further adds that ARCC incentives participation in the ARCC.i microfinance asset direction platform and is issued as an Algorand Standard Asset token, as Cointelegraph previously reported on December 12.

Sinjin David Jung, founder and director at IBMR, stated that the mission of ARCC targets urban working poor of Southeast Asia to bring them socio-economic transparency and financial stability.

As for the ARCC token listing, it will be included on BiKi Exchange on March 31, 2022.

As Cointelegraph has previously reported, IBMR and blockchain firm Algorand partnered last December to jointly launch a microfinance platform defended to the ARCC token. The platform aims to provide debt-gratuitous capital to the urban poor in Asia, where 300 million adults do not accept admission to traditional financial institutions and instruments such as bank accounts or credit.