LumiShare, a blockchain-based digital asset management ecosystem formerly known as IllumiShare, has generated $3.2 million in the early phases of its Abu-Dhabi-licensed $SRG token presale, headed by His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan of the Abu Dhabi royal family.
The funds will be used to purchase gold reserves, which will be housed transparently in a vault at a bank in Abu Dhabi.
Ben Sharon, Co-Founder, and CEO of LumiShare said that the FTX crisis demonstrated that failed projects and a lack of openness and honesty in the crypto industry shattered investors' faith in even the most successful firms. "We must return to the original purpose of crypto, which was to build a transparent economy while providing investors with the protection they need."
A Bank of International Settlements (BIS) analysis indicated that between 2015 and 2022, 73% to 81% of cryptocurrency investors lost money. Investing in cryptocurrencies has become tough for ordinary traders since they must trade based on news and lack inside knowledge. In a system where a single tweet may alter the whole landscape, investors are desperate for protection against market volatility.
LumiShare's $SRG token is not a stablecoin since it's backed by three uncorrelated assets: gold, a cash recovery fund, and technology. It's intended to provide users with a solid inflation hedge and unmatched financial stability.
H.E. Ahmed Elmetwally, CEO of the private office of His Highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan of the Abu Dhabi Royal Family, states, "We are proud to support the LumiShare project, which aims to provide users with a safe haven from the overwhelming number of scams plaguing the market." "LumiShare's transparency provides investors with peace of mind while their funds are protected by three pillars against the volatility of the cryptocurrency market."
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