WadzPay, a blockchain-based service provider, has announced a partnership with Societe Miniere D’Investissement (SMI) to tokenize mining assets and promote economic growth in the Republic of Congo.
According to the official announcement published today, June 4, 2023, WadzPay’s expertise in virtual asset management and blockchain technology aligns with the objectives of SMI, a financial and investment firm specializing in mining activities in the African nation.
As part of the partnership, WadzPay will provide SMI with a secure and effective technology platform for asset tokenization. This platform will convert ownership rights and economic value derived from SMI’s assets into virtual tokens on the blockchain.
WadzPay will also offer comprehensive management solutions, including tokenization, token listing, pricing, and advisory services. The firm will manage exchange services for both primary and secondary markets.
The collaboration is expected to drive SMI’s mission of using its mining assets as collateral and thus enable it to access foreign financial markets for essential funding.
Brice Gatse, CEO of SMI, highlighted the partnership’s significance for the African continent. He noted that tokenization enables African states to leverage their natural resources as collateral for fundraising, facilitating the financing of extractive industries. In his words:
“For us, as an SME, the partnership with WadzPay represents the hope of an entire continent. Tokenization allows African states, most of which are engaged in programmes with the IMF and subjected to debt restrictions, to overcome barriers to investment. Tokenization offers these states the opportunity to use their natural resources as collateral to raise funds and finance extractive industries, which are sources of wealth creation and poverty alleviation.”
Anish Jain, WadzPay’s Founder and Group CEO, also expressed his excitement about the collaboration and emphasized WadzPay’s aim to unlock new financing opportunities for the mining industry by harnessing blockchain technology in the Republic of Congo.
In his post on X about the development, the CEO expressed his eagerness to meet with the SMI development team in Africa this month.
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