Business
Majic’s CGCX To Provide Custody Services For 45,000,000 iBG Tokens
Majic’s CGCX To Provide Custody Services For 45,000,000 iBG Tokens.
About this update from Majic Wheels Corp.
[{"type":"text","content":"\n Houston, Texas, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Majic Wheels, Corp. (OTC Pink: MJWL) (\"Majic\" or the \"Company\"), a Delaware corporation, that is positioning itself as a player in the disruptive industries of fintech and software development by means of acquisitions, announces that its wholly owned subsidiary CGCX has signed a definitive agreement to provide custody services to iBG.Finance for assets valued currently at USD 121,500,000. Majic is proud to announce that CGCX has signed an agreement to offer exclusive custodial services to iBG.Finance, an AI-Driven Robo Advisory firm.  The iBG DeFi token is an integral part of the iBG ecosystem. iBG.Finance is currently conducting its IDO and Yield Farming in multiple platforms such as iChain, Binance Smartchain, Ethereum, etc. A total of 45,000,000 tokens will initially be held under management of the CGCX Custody Solution. As of August 15, 2021, the iBG token was trading at USD 2.70 per token. The agreement signed between CGCX and iBG has a potential to generate an annual revenue of 0.5% of the average value of the Assets Under Management (AUM). “iBG.Finance needed a safe place to store the iBG tokens. Our existing relationship with CGCX and the established robustness of their platform made our decision a logical one. We could not think of any other safer solutions than CGCX for custody services whose insurance offering to protect assets against cyber hacks and attacks was a major decisive factor”, said Aneesha Reihana, Chief Product Strategist of iBG.Finance “The agreement entered between iBG and CGCX for exclusive custodianship of iBG tokens is just another example of the trust put in our platform and in our solutions by institutions. It is a further proof that CGCX is uniquely positioned to efficiently cater to the needs of Institutions and ultra HNIs to safekeep their digital assets with our robust multi-layer safety custodial architecture”, said Anandh Swami, Chief Executive Officer of CGCX. CGCX, a well-established crypto currency trading platform and custody solutions provider, was one of the first participants to offer insurance to its customers for the digital assets stored under its custody against cyber hacks and attacks. CGCX custody solution was purpose built for institutions to safely keep their digital assets with the highest le...