TL;DR Breakdown
• Multi-service company MyEG tries to introduce crypto transactions in Malaysia.
• The new crypto platform will work with the four approved exchanges in Malaysia.
Malaysian service company MyEG has had the best operations since the Covid-19 pandemic began. In June, the company accepted an LOI letter to purchase up to 10 million vaccines against the new disease. The company also announced that it would enter the hotel sector by reserving several hotels with the SafeQ platform.
A week ago, MyEG showed its support for the cryptocurrency market when it announced that it would create its first DeFi system. With this announcement, the Malaysian service company formally enters decentralized currencies and may create its first wallet. The company aims to improve crypto adoption in the country and the four most used crypto platforms.
The company did not say which partners in this financial service but explained the essence of its platform. The online service can make crypto transactions and apply for loans with a financial system that departs from the traditional.
DeFi project may change the crypto reputation in Malaysia
MyEG’s project with cryptocurrencies promises considerable changes in the adoption of the token at the national level. However, the DeFi plan is still in the Beta phase, but the company clarifies that it has not stopped working on it. The platform will offer various products based on Blockchain technology to make it a priority among citizens.
The company has still not clarified whether it has the Malaysian Securities and Exchange Commission support. In the same way, the platform is expected to comply with the regulations established by the SEC.
Malaysia’s DeFi interface will store cryptocurrencies passed from the four crypto exchanges approved by the SC. As time passes, the platform may offer exchange services, BTC futures, or even promote mining in the Asian territory.
MyEG benefits from the attraction that Malaysian citizens feel towards cryptocurrencies by experiencing a rise in their shares. On Monday, August 9, the company saw a 3 percent rise in its shares, reaching 1.07 million Ringgit in shares.
The multi-service company in Malaysia said its platform would offer smart contracts for all interested users. The company clarifies that the DeFi project will try to take advantage of cryptocurrencies at the national level. All citizens or companies are open to using it.
Using cryptocurrencies in Malaysia is low, but that picture may change with the new DeFi platform. The crypto-promoting company did not specify which tokens it will accept, but they will likely be Bitcoin, Ethereum, and Dogecoin. MyEG is recognized for providing the best virtual services in Malaysia, so this platform it creates has a chance of succeeding.
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