MyEG Services Bhd’s blockchain developer, Zetrix, is set to initiate an initial exchange offering (IEO) on the cryptocurrency exchange Coinstore. The IEO is scheduled to take place from October 18 to October 26, as announced jointly by MyEG and Zetrix. Subsequently, Zetrix tokens, known as ZTX, will be listed on Coinstore on October 28, with additional listings on two other cryptocurrency exchanges, MEXC and BitForex.
Raising Capital Through the IEO
The IEO aims to allocate up to one million ZTX tokens at a rate of 5.00 USDT per token, thereby raising a total of five million USDT. USDT, a cryptocurrency stablecoin tethered to the US dollar, is designed to maintain a value of $1 per token.
Zetrix’s Integration with Xinghuo Blockchain Infrastructure
According to Datuk Fadzli Shah, co-founder of Zetrix, the IEO presents an opportunity for investment in Zetrix, which is already “integrated and operational with China’s national blockchain, Xinghuo Blockchain Infrastructure and Facility.” He expressed confidence that Zetrix’s digital solutions would play a pivotal role in onboarding the first billion Web3 users.
Zetrix’s Role in Digitizing Global Trade
Zetrix is positioned as a layer-1 public blockchain infrastructure that harnesses blockchain and artificial intelligence (AI) to facilitate the digitization of global trade for governments and enterprises. It serves as a blockchain gateway, offering crucial components for Web3 services, including Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
ZTrade: Streamlining Cross-Border Trading
Zetrix’s decentralized application, ZTrade, streamlines cross-border trading for exporters to China by digitizing their certificates of origin (CO). This digital format is in accordance with the requirements of the General Administration of Customs of the People’s Republic of China (GACC). This collaboration enables enhanced efficiency in tariff computation and customs clearance, particularly within the framework of the Regional Comprehensive Economic Partnership (RCEP).
MyEG’s Involvement in Blockchain Projects
MyEG, the parent company of Zetrix, is actively engaged in various public blockchain projects. In 2022, MyEG partnered with Mimos Technology Solutions Sdn Bhd (MTSSB) to jointly develop and operate Malaysia’s national public blockchain. MTSSB serves as the commercial arm of Mimos Bhd, a prominent applied research and development center in Malaysia.
MyEG’s commitment to streamlining international trade flows is further evidenced by its collaboration with the Philippines Bureau of Customs (BOC) and Cargo Data Exchange Center Inc (CDEC). Together, they aim to deploy blockchain-based customs clearance and processing services to facilitate trade between the Philippines and China.
Moreover, MyEG is collaborating with China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co, Ltd (Beitou IT Innovation) to implement the Zetrix blockchain for cross-border credentials verification services. This collaboration will drive the digital transformation of essential documents, including government-issued identity credentials.
Upcoming Token Circulation
Following the October 28 listing, a total of 66.75 million ZTX tokens will be in circulation, representing 6.05% of the total supply at the commencement of the IEO. It is worth noting that Zetrix had previously conducted a seed round in which 140 million ZTX were sold, with 20.1 million of these already released into circulation.