Bahrain-based entrepreneurs Irina Duisimbekova and Alexandre Katrangi have partnered with Thomson Computing SFIT’s owner Stephan Français to launch the world’s first hardware-integrated cryptocurrency exchange.
The husband and wife team of Mr Katrangi and Ms Duisimbekova run Licorne Gulf as an international advisory and agent for foreign businesses in Bahrain, and already have sole representation rights for the French consumer electronics giant in the region.
Registered in Estonia, Cryptoxygen is the new joint venture between Thomson Computing-SFIT and Licorne Gulf Bahrain and is reportedly the first regulated fiat crypto multi-blockchain trading platform integrated in a worldwide electronics brand.
It is planned to be operational by fourth quarter this year and will be directly integrated across more than a million Thomson Computing devices distributed across the world.
According to the platform’s promoters, Cryptoxygen can potentially add 100,000 new users every year through the sale of Thomson Computing SFIT-branded devices, which will have the exchange and wallet directly integrated.
“Having teamed up with Licorne Gulf based in Bahrain, Thomson Computing SFIT started international deployment in 2017,” explained Mr Français.
The strategy was for a three-phased expansion jointly.
“In phase one, we developed the infrastructure for distribution of products starting last year and in phase two we are developing an artificial intelligence and renewable energy lab using blockchain and fintech through the launch of our cryptocurrency and trading platform,” he added.
Phase three will be industrial implementation.
Mr Français said Bahrain and Estonia were chosen as launch locations after extensive research and have proven credentials as tech-friendly business hubs.
Within the next four years, he plans to list Thomson Computing SFIT and its JV on the Nasdaq stock exchange in US and position it as a leader in the new coupled-hardware intelligent technology sector.
The Cryptoxygen platform’s token OXY2 is based on Ethereum – an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality.
According to Ms Duisimbekova and Mr Katrangi, Cryptoxygen is also the first trading platform that supports fiat-money transactions.
Conventionally, crypto exchanges trade exclusively in cryptocurrencies and don’t accept dollar or other currencies for processing transactions.
Since fiat-based trading requires extensive documentation and multiple licences, most exchanges stick to cryptocurrencies – their platform users as a result have to avail different platforms to trade from fiat to cryptocurrencies and pay fees for every transaction.
The Bahrain-based duo claims their platform allows users to also reduce their transaction fees by over 50 per cent, when compared to other crypto token exchanges.
“Cryptoxygen users can execute trades over the dedicated mobile wallet with near-instant transaction speeds,” said Ms Duisimbekova.
“The mobile app, available on both Android and iOS, supports biometric authentication to ward off cyber attacks. Cryptoxygen wallet users can make transfers easily via a QR Code and track their transactions seamlessly on their mobile devices in real time.”
She also said a significant part of revenues from the initial coin offering and the platform would be injected into start-ups as direct investments dedicated to AI and renewable energy to support the technologies’ growth and integration with blockchain.
Mr Katrangi said most start-ups fail under lack of financial support or access to international market and therefore Cryptoxygen would aim at offering a package and ecosystem of immediate funding coupled with instant access to buyers, consumers and subscriptions in case of service offerings.
Copyright 2021 Al Hilal Publishing and Marketing Group