MYEG’s Enterprise Layer 1 Blockchain Zetrix Initiates IEO and Listing on Multiple Platforms
17 October 2023
(Petaling Jaya, 17 Oct 2023): Zetrix, the public blockchain infrastructure that is enabling people to regain full control of personal digital identities and that is also powering the digitisation of cross border trade processing, is launching an Initial Exchange Offering (IEO) on cryptocurrency exchange Coinstore from 18 October 2023 to 26 October 2023. Subsequently, on 28 October 2023, Zetrix tokens will be listed on Coinstore, MEXC and BitForex.
An initiative by MY E.G. Services Berhad (“MYEG”), Zetrix is a layer-1 public blockchain infrastructure that leverages blockchain and Artificial Intelligence (AI) to empower governments and entreprises in digitalising global trade.
Zetrix’s decentralised application, ZTrade, provides a notably faster and more seamless cross-border trading experience for exporters to China. This is achieved by digitising their Certificate of Origin (CO), which is compatible with the requirements of the General Administration of Customs of the People’s Republic of China (GACC). Additionally, it allows traders to realise cost savings by reducing the time their goods spend in bonded warehouses and empowers them to create tamper-proof contracts using blockchain technology.
Other key highlights lie with Zetrix’s multi-asset native wallet, which lets users transact within the Zetrix blockchain securely while being integrated with W3C compliant verifiable credentials (VC). VCs are digital versions of the authentic documents that confirm specific information about individuals and entities, enabling easy and secure verification of their qualifications or attributes, and is one of the web3 solutions offered by ZIdentity (ZID), yet another innovative decentralised application by Zetrix.
Aside from VCs, ZID offers W3C compliant Blockchain-based Identifiers (BID) and on-chain agreement signing services to the international market, which facilitate cross-border transactions with China. BID, an official Decentralised Identifiers (DIDs) method listed in the DID Specification Registry of World Wide Web Consortium (W3C), is a new approach to identify our virtual identities without a central authority.
As a decentralised identity platform, ZID also recognises the standardisation of the Self-Sovereign Identity (SSI), which allows users to control their identity information using VCs to interact directly with other identities or users without sharing their data or information with other providers or sources. Along with VCs and BID, SSI gives users security and control over personal data sharing, which is a key hallmark of the Web3 movement.
Zetrix co-founder Dato’ Fadzli Shah says that the IEO provides an avenue for global investors to partake in the vast potential of Zetrix, which is integrated and operational with China’s national blockchain, Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF). Essentially, this allows its users exclusive and direct access to China’s 50.2 trillion yuan digital economy.
Zetrix has marked several notable achievements in recent years. Last year, MYEG was appointed to jointly develop and operate Malaysia’s national public blockchain with MIMOS Technology Solutions Sdn Bhd
(MTSSB), which is a commercial arm of the national applied research and development centre MIMOS Berhad.
In March 2023, East Logistic-Link Co., Ltd, a wholly-owned agency of GACC, agreed to collaborate with MYEG to jointly provide a full suite of cross-border trade facilitation services that include certificates of origin and other international trade-related certificates on the Zetrix blockchain platform. This service will greatly enhance the ease of doing business by increasing the efficiency of tariff computation and customs clearance, especially for trade within the Regional Comprehensive Economic Partnership (“RCEP”).
Four months later, MYEG, together with its Philippines-incorporated companies, collaborated with Philippines Bureau of Customs (“BOC”) and with Cargo Data Exchange Center Inc. (“CDEC”) to deploy its blockchain-based customs clearance and processing services in easing trade flows between the Philippines and China.
Last month, MYEG entered into a collaboration with China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co., Ltd. (“Beitou IT Innovation”) to utilise the Zetrix blockchain for cross-border credentials verification services, which enable the digital transformation of crucial documents, including government-issued identity credentials.
Given China’s status as the largest trading partner for over 120 nations and the growing momentum of blockchain-based digital trade processes, Dato’ Fadzli believes that Zetrix’s digital offerings will serve as a catalyst in onboarding the first billion Web3 users.
“Zetrix has consistently pushed the boundaries of innovation. We are pleased to collaborate with credible digital asset trading partners Coinstore, MEXC and BitForex, which allow global cryptocurrency investors to participate and also expand distribution to support our developer community as we reinvent the future of global trade with blockchain and AI,” he says.
Zetrix’s $ZTX token is listed at a price point of 5 USDT per $ZTX, and features more than 66.7 million ZTX tokens in Circulating Supply.
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About MY E.G. Services Bhd (“MYEG”)
MYEG is Malaysia’s premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, MYEG continues to play a leading role in driving technological change in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services, among others.
Committed to staying firmly at the forefront of the region’s digital revolution, MYEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across its main markets. MYEG has operations in key regional markets such as the Philippines and Indonesia.
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