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KUALA LUMPUR - Greenpro Capital Corp. (NASDAQ:GRNQ), a micro-cap company with a market value of $6.8 million and declining revenues (-17.19% year-over-year), has announced its plans to list a new stablecoin, "$ST," on its Shariah-compliant ESG digital asset exchange, GreenX, by April 2025. The stablecoin is issued by PIH Limited and is secured by a USD Reserve Portfolio. According to InvestingPro analysis, the company currently shows signs of financial strain with negative EBITDA of $2.12 million.
The $ST stablecoin operates under the Secured Security Token Program, which is managed by Potomac Capital Limited, a licensed corporation by the Hong Kong Securities & Futures Commission. The program ensures that the assets backing the stablecoin are held in a segregated account, providing transparency and security for token holders.
Robert Liu of Potomac Capital highlighted that $ST aims to offer advantages over other stablecoins by maintaining a 1:1 ratio with the US dollar and by utilizing blockchain technology for enhanced security and transparency. Greenpro Capital’s CEO, Dr. CK Lee, emphasized the importance of blockchain technology in regulated environments and expressed confidence that the addition of $ST to their exchange aligns with the regulatory objectives of both parties.
Green-X, a subsidiary of Greenpro Capital, operates under the Labuan Financial Services Authority in Malaysia. Greenpro Capital, with its headquarters in Kuala Lumpur, is a business incubator with a diversified portfolio including finance, technology, and banking, as well as Green-X for security token offerings (STOs).
This move by Greenpro Capital represents a significant development in the digital asset exchange space, particularly for those seeking investment opportunities aligned with Shariah principles and environmental, social, and governance (ESG) criteria. However, InvestingPro analysis indicates the company’s overall financial health score is weak at 1.49, suggesting investors should carefully consider the risks involved in this venture.
The information provided in this article is based on a press release statement from Greenpro Capital Corp.
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