US$30m in new cryptocurrency firm SIM Chain’s coffers since June 4 launch
KUALA LUMPUR: New cryptocurrency firm SIM Chain International has garnered US$30 million (RM120 million) in cryptocurrency investment from 100 mainland China business partners in two weeks since the company was established on June 4, 2018.
SIM Chain is a subsidiary of Koperasi Blue Ocean 1 Nation Kuala Lumpur Bhd, whose principal activities include movie production, multi-level marketing, crowd funding, murabaha & ijara’ fund, real estate, tourism & education, ArRahnu (pawnshop), fixed deposit, laundry, catering, plantation/farming.
SIM Chain CEO Chia Kheng Choon said the proceeds will be reinvested in over 100 different industries such as hotel, plantation, hospital, tourism & travel, and education in China and Malaysia.
He said the company is confident of its target to have 1,000 strategic partners worldwide within three months to explore investment opportunities in the industries.
“(The legality of) cryptocurrency is subjective. It’s not legal internationally, but it’s also not illegal,” Chia told SunBiz at SIM Chain’s dinner with its Chinese business partners here last Thursday.
Chia vouched for SIM Chain’s credibility, explaining that it is a legitimate and “proper” business in Malaysia, but noted that it is similar to controversial MBI Group International.
Chia said its proprietary digital currency is akin to bitcoin and is now transacted in China and soon internationally.
SIM Chain is also positive on its prospects on the back of growing popularity of cryptocurrencies. “The Chinese are willing to take risks and they have this mindset, so it enables them to make millions of dollars within two to five years,” said Chia.