Hello everyone, we are happy to announce that we are finalising the launch of MercX on ICP. MercX will begin with a pilot case of bringing two regulated mutual funds on ICP. The fund’s certificates will be issued directly on chain. This pilot case will happen with the Egyptian Financial Regulatory Authority supervising the implementation. This will allow the two banks offering the funds to on board anyone once they finish a simple KYC process vis a vis having customers visit the bank, open accounts then acquire the certificates. Furthermore, we are aim to engage a lot of youth offering them a cool way to carry around their investments and trade parts of it to satisfy daily commitments. The two funds will be money market funds with daily returns and immediate settlement. We are allowing up to 80% borrowing on the tokens issued in those funds. The first 12 months will only have around 3-4 million USD. The next after the success of the pilot, we are aiming to open it up to more banks and fund managers as well as the top 10 liquid stocks in the Egyptian exchange. The platform is being developed by @nourAhmed123 and @jumanaa along with their team @MercaturaDevs. This is the only ICP dev team operating in Egypt within Mercatura Forum, a venture studio and fund focused on web3 in MENA. As it stands we have not thought of how the ICP community can participate, but the regulator is open to the idea of allowing CkUSDC-CkUSDT as accepted methods to participate in either funds or stocks. We think there is room for innovations linking this to the rest of the ecosystem and we look forward to your thoughts
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This is a significant step toward revolutionizing how investments are managed and traded, especially with the inclusion of on-chain fund certificates and simplified KYC processes. I’m particularly excited about the potential this platform has to engage and offer a more accessible, efficient way to manage and trade investments.
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I am especially excited about the initiative’s potential to simplify investments for individuals in Egypt and make financial products more accessible.Our goal is to create impactful solutions that bring value to users while pushing the boundaries of what’s possible with blockchain technology.
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