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 level of security and compliance standards. It is built on industry top notch standard military grade tamper proof security hardware devices with multi signature architecture.
David Chong, Chief Executive Officer of Majic Wheels, Corp added “This is another milestone is establishing CGCX as a global brand. As we prepare to enter new markets, the trust put in us by Institutions further strengthens the CGCX brand’s visibility among Crypto Currency holders and investors as a reliable and robust platform. This latest agreement also increases the Company’s revenue from its subsidiary’s Custodial Services line of business.”
About Majic Wheels Corp.
Majic Wheels Corp., a Delaware corporation, intends to position itself as a player in the disruptive industries of Fintech and software development by means of acquisitions and mergers. The Company's subsidiary Calfin Global Crypto Exchange (CGCX) operates: a cryptocurrency exchange, a cryptocurrency mining farm and a custody services platform. Majic Wheels Corp. is listed and traded on the Over-the-Counter Market under the trading symbol #MJWL".
For more information about the Company visit:
Our OTC Markets Profile: https://www.otcmarkets.com/stock/mjwl/overview
Our website is: https://majiccorp.co/
Our account is: https://.com/MajicCorp
Our Discord: https://discord.gg/apolloassets
About CGCX Ltd.
Founded in 2018, Calfin Global Crypto Exchange CGCX set out to offer a highly sophisticated cryptocurrency exchange for a seamless & secure crypto trading experience. Unlike most exchanges that offer only cryptocurrency trading, CGCX caters to the larger blockchain community by providing four services under a single platform.
iBG, a Robo Advisory firm is bringing Artificial Intelligence (AI) to the blockchain. The app relies on algorithms and AI models to optimize ROIs of DeFi assets and products. The iBG smart engine integrates various income vs. risk parameters to provide investors with recommendations of formulated investment strategies and portfolio options.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE: Majic Wheels Corp.
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