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UAE Based Assero Group to build blockchain platform from sale of Blue Sapphire security tokens

UAE based Assero Group was established in 2019 with two major business divisions, one in the precious Gemstone trading sector and the other in technology. Assero has worked to bring together both its Kashmir Blue Sapphire gemstone business with its tech arm that includes crypto AI, and Blockchain.

UNLOCK interviewed Dr. Usman Zafar, Assero’s key advisor. As he explained, “Assero will be working closely with major industry players in the region to provide blockchain solutions for every vertical. We always promote the implementation of blockchain technology and digital currencies. We are working to assist governments to implement Smart City solutions utilizing our Assero Blockchain platform built on Ethereum, IoT and AI technologies.”

Usman Zafar adds,” We have also launched our Assero Sapphire Money Coin, a crypto currency supported by Blue Sapphire Stones. A total of 10 billion ASM tokens will be pre mined to be issued and allocated for private sale. Should there be any remaining tokens that have yet to be sold before being listed, they would be sold as a form of block deal through over the counter transactions.”  Assero is looking to raise 100 million USD from the token offering and has already raised 10 million in first round according to Zafar. 50 percent of the amount from token sales will be used to develop the blockchain platform for projects and engage private and public sectors for revenue sharing models.

Zafar states that the security token offering will be held in Q1 of 2021 backed by Blue Sapphire. He states, “Currently we are working with JP Morgan for a valuation report on the token offering backed by assets available. Once that happens we will embark on our smart city solutions program.”

As Zafar notes, “We are in talks with governments and private sector in  21 countries at the moment, while some countries still do not have a blockchain strategy we are ready to assist with the development of the legislative framework needed for infrastructure. “

Assero also plans to launch a digital crypto exchange called ASM specifically catering to the previous stones and diamond industry.

In addition Assero will also be launching a Blockchain center in Dubai aimed to educate people on blockchain technology and carry out research and development. As Zafar states, “The Arab world today lack skilled Blockchain expertise and as such the Blockchain center will help to develop the needed skill sets. We will start in UAE and replicate this across other countries through partnerships with universities.”

In conclusion Zafar believes that the future of economies is in digitization especially during these challenging times. It is a time to embrace crowd funding platforms, and digital currencies among other digitization efforts.

Lara Abdul Malak

Lara has been a journalist and writer in the technology field since her graduation from AUB majoring in political science. She has had career in corporation communications in the telecom sector and was part of the launch of first 3G network in the GCC and MENA region. Since her return to journalism she has been focused with passion on blockchain, tokenization, crypto focusing on the GCC and MENA region. Lara worked with Unlock Blockchain until 2022.

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