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Digital Asset and Centralized Exchange Approved to Operate Within FAB

Located within a two and a half hour drive, fifty-five minute boat ride or a twenty-five minute helicopter flight from Manila, the Freeport Area of Bataan (FAB) is strategically situated at the crossroads of international shipping routes in Southeast Asia, and is at the center of Asian economic activity connecting Taiwan, Hong Kong, Japan, Korea, People’s Republic of China, and Australasia. 

On November 11, 2020, the Authority of the Freeport Area of Bataan (AFAB) granted iWave Advanced Research Group (iWave) the authority to operate Global Trade Exchange (GTX), a platform which will enable cross-border trading and the exchange of digital assets between international investors exclusively. Included in such authority is iWave’s ability to perform various capital market solutions, including futures, commodities, derivatives, and other similar products, services, and solutions exclusively for foreign clients. 

“Through the operation of the pioneering and innovative business of GTX, it is envisioned that FAB shall be in a positive and unique position vis-à-vis the other 5,400 economic zones worldwide; inevitably placing FAB as the gold standard among all economic zones”, says FAB Administrator Engr. Emmanuel D. Pineda.

This week, the AFAB has also granted approval of the development and launch of blockchain protocol OZ.finance (Oz). Oz aims to provide credit and liquidity to GTX’s operators, granting them access to much needed credit and capital for the seeding and upscaling of their businesses.

The two-phased transition is as follows: the first phase is the development and operation of GTX, designed to offer a full range of services, including the exchange and issuance of new digital assets, digital securities, digital commodities, and complex financial instruments, and the second phase is the creation and launch of Oz, which, on the other hand, shall provide decentralized liquidity, lending, and credit to the platform’s issuers. 

Both platforms are scheduled for launch in 2021.

 

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