Dec 12, 2019
NEW YORK – December 12, 2019 – IBMR.io (http://ibmr.io/), a social impact economic development reserve and advisory, announced today a partnership with Algorand Inc. (https://www.algorand.com/), the world’s first open source, permissionless, pure proof-of-stake blockchain protocol. The two companies have joined together to launch a new microfinance ecosystem platform, ARCC.one, on Algorand 2.0. ARCC.one is designed to support the Asia Reserve Currency Coin (ARCC) as the world's first 'micro asset' that enables the financial inclusion of the urban working poor in Southeast Asia.
The strategic partnership between IBMR.io, founded by the former Vice Chairman of True Money Philippines, Sinjin David Jung, and Algorand comes at a time when more than 300 million adults across Southeast Asia don't have a bank account or lack proper access to credit, investment and insurance facilities. This has resulted in digital payments becoming the method of choice for the unbanked and the expectation that by 2025 they will make up nearly half of all transactions, surging past the $1 trillion mark.
Asia Reserve Currency Coin (ARCC), the world’s first micro asset to provide debt-free capital to the urban working poor in Southeast Asia, represents an innovative path to financial freedom. IBMR.io will be among the first to issue ARCC on Algorand, leveraging the recently launched Algorand Standard Asset (ASA) functionality that allows for the tokenization and on-chain representation of the ARCC.
Through ARCC.one, a mobile app, users can complete socio-economic surveys to earn ARCC tokens. ARCC tokens will be able to contribute to ARCC’s 'Public Mandate Network', a decentralized information network that verifies and aggregates anonymous data onto the blockchain. Under this method, ARCC’s Public Mandate Network creates an indisputable data set that can be used as a public mandate for change by creating an environment of Radical Social Transparency. Once earned, ARCC tokens can be used in asset management services through ecosystem microfinance partners to build wealth. ARCC tokens can also be staked by users to fund community infrastructure projects and, unlike traditional banks, will have no holding fees or minimum balances.
“After months of discussion, it was clear that Algorand’s strong interdisciplinary approach to monetary economics, technology and ecosystem focus was beneficially aligned with our own social impact mission for empowerment through the creation of the world’s first micro asset, ARCC,” said Sinjin David Jung, founder, and Managing Director at IBMR.io. “We’re excited to be leveraging what we see as the best blockchain tech and applying it to a new structural solution for the inclusive economic development of emerging markets.”
“It is inspiring to see the convergence of blockchain technology and forward thinking initiatives like the ARCC that IBMR is launching,” said W. Sean Ford, COO of Algorand. “Together, we have a shared vision for economic inclusivity and frictionless transactions as the model for decentralized finance. Sinjin David Jung and the team at IBMR join a growing list of organizations leveraging blockchain for significant social impact."
The social impact economic development reserve has also entered a strategic partnership with Republic, an industry leading advisory firm, acting as an advisory on token economics and business development through and beyond its official launch.
"ARCC's commitment to financial inclusion and long term financial freedoms are a perfect match for the permissionless focused Algorand platform and Republic is proud to be a strategic partner with IBMR in supporting this project," said Andrew Durgee, Managing Director of Republic Crypto. "I look forward to watching these two intellectually driven powerhouses solve some of the most difficult international digital monetary problems facing the industry today."
“Republic’s brain trust is the best in the industry, they have provided not only solid insight and direct guidance for the most complex token economic models to blockchain business processes, but have clear confidence that comes from their own long term commitments in the industry,” “said Sinjin David Jung, founder, and Managing Director at IBMR.io It has been an honor and a great deal of validation for us to be in this partnership together.”
Additionally, IBMR.io will announce three highly regarded advisors to its board: Babak Pasdar, a globally-recognized expert in cyber-security; Mary D'Souza, a former Managing Director at GE Capital; Simeon Schnapper, a blockchain and impact entrepreneur.
To learn more about IBMR.io, please visit our website at https://ibmr.io/.
The International Blockchain Monetary Reserve, IBMR.io, is a social impact economic development reserve and advisory that empowers the urban working class in emerging markets to be agents of change. IBMR.io was founded with a mission to create new decentralized macroeconomic development structures using Social Proof-of-Work that promotes financial inclusion by incentivizing individuals to make positive contributions that expose corruption and improve the conditions of their local communities.
IBMR.io’s ARCC token is the world’s first micro asset that aims to become a regional crypto-reserve currency backed by a socio-economic information network and currency reserve structure. Built on the Algorand decentralized protocol, ARCC plans to create long term impact through entrepreneurial empowerment through a decentralized information network and micro asset management ecosystem for the urban working poor in Southeast Asia.
About Sinjin David Jung
After extensive corporate and start-up experience in fintech, gaming and infrastructure throughout East Asia and Southeast Asia, Sinjin founded the International Blockchain Monetary Reserve, the issuer of ARCC, for social impact and promoting financial inclusion through a decentralized economic system.
Sinjin as the former vice-chairman, founded one of the leading fintech firms in the Philippines, True Money Philippines, licensed under the Central Bank of the Philippines (BSP) which is part of the largest fintech network in Southeast Asia, True Money. He was the Regional Marketing Director of Asia for PokerStars, the world’s largest online poker game company and was the primary marketing and regulatory force for the game’s introduction across the whole of Asia. His professional background includes: being a former senior management consultant at PwC in Korea and a Korean government senior industry technology analyst. He has his MA in International Commerce from Korea University, focused on Social Justice during his studies in the M.Div program at the University of Toronto, and has his Harvard Kennedy School Executive Certificate in Public Policy.
About Algorand Inc.
Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models.
For more information, visit https://www.algorand.com/
Republic/Crypto is the blockchain division of Republic, which provides end-to-end fundraising, distribution, and advisory solutions. Republic is backed by AngelList and Binance Labs. This is the team that developed the Token DPA and helped raise over $250M in token sales including FileCoin, Blockstack, YouNow and BlockRx. Led by Andrew Durgee as Managing Director, Andrew entered crypto in early 2010, pioneering early blockchain technology plays including an industry first multi signature wallet repository. Andrew studied Management Engineering at Worcester Polytechnic Institute and is a highly skilled executive with over 12 years of experience. Andrew was previously a Partner at a leading blockchain advisory group, TLDR.
For more information, visit https://republic.co/