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Above Food Ingredients Inc. (ABVE) announced that its merger partner Palm Global Technologies and subsidiary Palm Promax Investments LLC have entered into a joint venture with Burkina Faso to adopt a gold- and mineral-backed stablecoin as the nation’s digital currency.
The agreement involves Burkina Faso’s government pledging up to $8 trillion in gold and mineral assets to support the stablecoin initiative. The partnership includes the President’s Office of Burkina Faso and the Promotion and Investment Center for Burkina Faso and Partners.
The joint venture, announced at the UAE 2030 National Vision event in Abu Dhabi, establishes Promax Burkina Faso SEM as the operational entity. The initiative will be headquartered in Abu Dhabi under the Abu Dhabi Global Market framework.
H.E. Soumane Kassamba, Advisor of Investment and International Relations to President Ibrahim Traoré of Burkina Faso, stated the agreement represents the first time the country is "not merely participants in the global economy" but "architects of our own economic destiny."
The tokenization project aims to mobilize Burkina Faso’s mineral resources across multiple sectors including mining, infrastructure development, economic zones, agriculture modernization, and improvements in healthcare and education.
His Excellency Louai Mohamed Ali, Group President of Promax United, indicated the company is in discussions with other African nations under similar frameworks to establish asset-backed digital currencies.
Above Food, based in Regina, Saskatchewan, describes itself as an agricultural and food technology company. The company’s merger with Palm Global Technologies remains subject to regulatory approvals and other conditions outlined in their definitive merger agreement.