It is no longer a secret that the United Arab Emirates are technology pioneers, and their action plan for the development of Blockchain technology within companies and government has become a clear priority.
Today we will focus on the journey of the CEO of Burency, a new project that is making a lot of noise on the web and coming straight from Dubai. After only a few days of private sales, the company has already secured more than a million dollars and is of great interest to the crypto community. We will now try to find out why!
Mr. Mohammad Mazen, can you please start to introduce you and remain us about your past experience?
CEO and Co-founder of Burency. Have more than 7 years of experience in trading in FX and stocks markets. I’m well skilled in technical analysis for FXs and stocks and have been managing funds for my private clients for more than 5 years. Went to Bahrain National Guards and served multiple administrative positions.
When were you captivated by blockchain? How did you feel about this new technology?
The first time I thought about Blockchain was in 2016. I found it difficult for others to understand what blockchain implies specially its common application was cryptocurrencies, and most people mismatched between blockchain and cryptocurrencies and thought its only application is crypto.
Well, blockchain has the power to take businesses and operations to another level we have never thought of. I believe it will take businesses to efficiency, profitability, and all transactions whether financial or operational will be faster.
Many businesses could have operated better if transformed to blockchain and at Burency we chose to be one of the market leaders to assist businesses become blockchain adopters using our technology resources and blockchain architecture developers at Burency Blockchain development center.
How do the United Arab Emirates view cryptocurrency? According to your observation, are people, firms are willing to invest in cryptocurrency?
The UAE government viewed the technology itself; the blockchain as a foundation to enhance productivity, and it supports it through handling government transactions over blockchain platforms. When it comes to crypto, DMCC has accepted crypto if it could operate as a commodity with commodity delivery to be made.
UAE is still in the process of getting to know more about crypto, its mechanism, and how it could be regulated. Although there is a high appetite to invest in crypto, specially in GCC countries. We see investors going into our website everyday to participate in our ICO, some of whom already know how and what they are participating in, while some don’t know enough about crypto trading and thus assisted them through our chat box service to complete the ICO participation.
Can you please explain us in few words what is Burency?
Burency is a platform where users will have the chance to benefit from 3 service lines; trading and exchanging crypto to crypto or to fiat, or vice versa through Burency exchange, mining cryptocurrencies through our environmentally friendly mining facilities in Sweden, and blockchain application services through our blockchain development center in UAE. We are aiming to fulfill customers’ needs without the need to request any service outside of Burency’s ecosystem.
Can you tell us what your current job at Burency entails and which fields can blockchain be applied to and which concern you the most?
I oversee managerial and corporate decisions concerning project development, roadmap execution, and financing and fundraising with coordination with the COO and CFO of Burency.
Blockchain can be applied to fields in which eliminating the intermediary could bring cheaper and faster processes. For example, it could be used in electricity trading with p2p networks, substituting legal contracts with smart contracts, and managing supply chains across production and distribution across departments or external parties.
What concerns me the most in this field is that people and companies use blockchain with no actual problem being solved, meaning that using blockchain just for the sake of using it. Record keeping with immutability, cheaper transactions with decentralization, faster settlements, and maximum security are all features of blockchain, and if the business need doesn’t require any of them, then there is no purpose from operating on the blockchain as it might fire back taking into consideration it is a new technology and skills to work with it are still on the rise.
What are the advantages of Burency compared to the current leading trading platform and how will you establish yourself as a leader in this highly competitive market?
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. This ultimately means that we will comply with all the laws being imposed by them including KYC, AML, and order matching.
We are also charging reasonable and below the market trading fees, inclusive with the insurance we will provided.
Can you please explain us more in details how this insurance coverage with Nebbex protocol from Lloyd's of London concretely work?
Nebbex is the first insured, fluid, digital assets custody solution. The Nebbex custody solution allows millions of users to store multiple cryptocurrencies into a third party insured blockchain managed physical vault, with instant payments and withdrawals concurrently within the Nebbex eco-system, and under one-hour withdrawals outside eco-system with scalable reconciliation technology. With Nebbex, a smart contract generates multi-sig withdraw codes when users initiate and authorize withdrawals.
How is the ICO going so far? Are you confident about your hard cap objective?
The ICO is still in itself private phase and we have already raised around 1 million dollars so far. We are quite confident that will reach to our hard cap objective.
Burency has a great team, with sound vision and execution, and the hard cap shouldn’t act as a burden in fulfilling our objectives until we fully raised it.