Filipino cryptocurrency successfully launches on Probit
A utility cryptocurrency coin developed by a Filipino-controlled financial technology (fintech) company Smart Asset Management (SAM) Digital Technology, has successfully launched in global exchange Probit.
With the listing of SAM Koin (SAMK) in Probit, holders of the crypto coin can trade, buy or sell the virtual currency or even redeem to gain additional income.
“SAMK is now live and trading in Probit!,” announced SAM founding chairman Rommel Santos as he called on SAM subscribers in the Philippines that redemption also went live, allowing them to cash out or sell their utility coins.
SAMK was officially launched in February, with the official pre-order made available to comes SAM members that have grown exponentially to over 15,000 across the globe in just a few days after its incorporation. SAM members comprise the SAM ecosystem and will have access to a variety of traditional businesses as well as digital-focused enterprises that offer financial opportunities.
Santos added SAM planning on listing the utility coin in HotBit. The cryptocurrency can be used in trading like buying products and services. SAMK is a “virtual money” that uses blockchain, the underlying technology behind it, according to SAM’s executive technical director, Erick Alvaro, or what is called the “ledger or record” of transactions.
Alvaro also advised the SAM community to download their Digital E-wallet for a better experience of trading the utility coin. The SAM e-Wallet is a subscription-based platform, shares and provides economic opportunity. In line with this, one of the company’s 2021 projects includes OFW subscribers as the primary beneficiaries of a livelihood program.
Before launching the SAMK and expanding its business in the Philippines, SAM was granted an initial endorsement by the Bangko Sentral ng Pilipinas (BSP) to proceed with the company registration with the Securities and Exchange Commission (SEC) and other government agencies for amenabilities.
SAM Digital Technologies is the parent entity of SAM and it’s registered as a digital currency exchanger in Australia under AUSTRAC. SAM is into digital and conventional businesses.
Santos added, “The conventional method of the entrepreneurial journey through sharing economy is now fully understood. You should be proud that SAMKoin is a utility coin that gets recognition from those two important sources.” These are the Austrac of Australia and the SEC) and the BSP in the Philippines, including the ongoing application as Electronic Money Issuer (EMI) license, that allows it to conduct e-money transactions.
In addition, SAM is also processing compliance requirements with the regulatory bodies in Malaysia and Indonesia.
SAM Digital Technologies also wants to clarify rumors that it is affiliated with the DDK of Malaysia. Indeed, DDK stated in December 2020 detailing that SAM is independent of their operations and the two companies are operating separately.
Read more Business stories:
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.