Malaysian Crypto Firm SIM Chain Raises $30 Million+ from Investors
The Malaysian company known as SIM Chain, which was launched two weeks ago, has accumulated an incredible $30 million dollars from Chinese investors. Since being launched on June the 4th, SIM Chain attracted an important amount of business partners from mainland China.
The company’s team is very confident about the future of the business and how they will keep evolving in the environment.
Sim Chain CEO, Chia Khen Choon, said that the money received from investors would be allocated in several business ventures between China and Malaysia. Some of the ventures will include companies related to travel, hotel and health care industries. This information has been reported by TheSunDaily on June the 17th.
During the last months, an important number of Initial Coin Offerings has been investigated by regulatory agencies all over the world. Some of them have been considered scams, while others were in fact pyramid schemes or the founders just run away with all the funds. About this situation, Choon explains that the company’s business is legitimate.
About Bitcoin, the CEO said that the famous cryptocurrency is being used in China and that he hopes it will be soon used all over the world. At the same time, Choon explained that cryptocurrencies enables people to make millions of dollars in just a few years
About the company’s business, Choon said that the operations may be similar to the controversial Malaysian company known as MBI Group International, but he is convinced that they are running a ‘proper’ business.
MBI Group International founder Tedy Teow, has been charged by the Bank Negara Malaysia (central bank of the country) because the company issued a digital currency without the permission of the authority.
According to TheStarOnline, the 52-year-old founder could receive a fine of $1.2 million dollars and 5 years in jail if he is found guilty.