Burency also announced it is in talks to partner with a renowned international crypto exchange
In a recent tweet, Mohamed Mazen, Chief Executive Officer of Burency in Dubai UAE, announced that Burency has officially opened an office in Kuwait to offer its crypto and blockchain services. According to his statement on Twitter, “This is just a first step in our growth and globalization strategy. The team is working hard each minute to accomplish huge things and make Burency name on the Top in Crypto and Blockchain industry.”
Burency has raised more than 1.7 million USD in private sales and was cited by Forbes as one of the best blockchain projects in 2020 among Vechain.
In early February Mr. Mazen stated on twitter, “We recently held a meeting in our HQ at Dubai with one of the most renowned exchanges in the world to finalize a huge partnership. An official announcement will follow in the next few days.”
Burency is a platform where users benefit from 3 service lines; trading and exchanging crypto to crypto or to fiat, or vice versa through Burency exchange, mining cryptocurrencies through their environmentally friendly mining facilities in Sweden, and blockchain application services through blockchain development center in UAE.
According to Mazen in an interview with hackernoon, “Burency’s exchange is different in that it is fully insured, meaning that all asset losses due to hacking or breaches are 100% covered. This coverage is obtained from Lloyds of London based on protocol developed by a company called Nebbex. Nebbex is also based in UAE and offers the first institutional standard digital assets custody solution.”
Its insurance works with storing all crypto traded on Burency’s exchange offline in a vault located in Almas tower; the same vault used by the Dubai government. This physical vault is patent pending smart contract driven and ensures maximum security due to having the private key required for withdrawals only usable for one time.
Burency is also seeking a license for the central bank of Bahrain to operate as a regulated exchange. As he stated, “This ultimately means that we will comply with all the laws being imposed by them including KYC, AML, and order matching.” It also announced it was seeking a license in UAE before it announced its recent office in Kuwait
In its whitepaper Burency suggested that, low liquidity could be remedied by decoupling assets from BTC and ETH paring, while popular fiat currencies and stable coin paring takes their place. This, however, eliminates the backlogs of purchasing BTC or ETH before transacting a particular asset or token. BUY – the Burency token for example will have a fiat pairing which can be purchased by directly using fiat or credit card.