Penang, MALAYSIA – Members of Malaysia’s burgeoning cryptocurrency community who flew in from all corners of the country for the inaugural Crypto Rendezvous Penang 2018 were treated to an event not soon to be forgotten in the cryptocurrency community. Organized by cryptocurrency luxury merchant payment gateway provider Aditus and set against the backdrop of Penang Rendezvous 2018, an opulent display of everything that cryptocurrencies can buy, from yachts to supercars and even a sea plane, members of Malaysia’s cryptocurrency community shared with a packed audience and members of the media, including newswire service Reuters the latest developments in the cryptocurrency industry in Malaysia.
Aditus co-founder and CEO Julian Peh opened the inaugural Crypto Rendezvous Penang 2018 at the Performing Arts Center of Penang and shared with the audience the latest developments at the decentralized cryptocurrency luxury merchant payment gateway. Aditus has come a long way since its successful and highly oversubscribed initial coin offering (ICO) last August and since then has signed on many big names in the luxury space who will now accept cryptocurrencies via the Aditus platform. From yachts to real estate, citizenship to art, supercars to lifestyle products, thanks to Aditus, there is now hardly anything that the newly minted crypto-riche cannot buy using their hard-earned cryptocurrency. According to Peh,
“Some types of transactions lend themselves better to cryptocurrencies and the luxury space is one of them. The purchase of high-value items are typically not time-sensitive and buyers generally like to think through the process – perfect for cryptocurrencies which at present cannot compete with the transaction volume and speed of traditional payment methods.”
“But by providing a decentralized, safe and stable solution that meets the needs of both our clients as well as luxury merchants, Aditus is facilitating the growing demand by a new class of crypto-affluent to spend the proceeds from their hard-won investments.”
Hosted by the insightful Freda Liu of radio channel BFM 89.9 The Business Radio Station, notable luminaries in the Malaysian cryptocurrency scene were present at Crypto Rendezvous Penang 2018, to share their insights to a packed audience, including Vice Secretary of Access Blockchain Association, Colbert Low, who is widely credited for uniting the various Malaysian cryptocurrency communities together to forward cryptocurrency adoption in Malaysia. Low got started in Bitcoin mining in the very early stages of its evolution and is credited for founding cryptocurrency community assets such as BitcoinMalaysia and consulting firm Celebrus Advisory.
Also present was a Harpreet Maan whose Blocklime company in Cyberjaya (Malaysia’s Silicon Valley equivalent) enables and empowers companies to leverage the blockchain for their real-world business needs. Harpreet is heralded for being one of the pioneers of blockchain development in Malaysia, traveling the world and speaking in various forums to encourage overseas Malaysian talent to return to the country to help build its technological chops.
Jason Chew who is a key figure in the Malaysian cryptocurrency scene shared his thoughts on the future of cryptocurrencies in Malaysia as well as the need for renewable energy adoption in the country. The founder of blockchain database EMPOWER, Chew speaks regularly at local blockchain and cryptocurrency events and his firm supports the generation and consumption of electricity from renewable sources, incentivized by rewards of cryptocurrency.
Local boy Chan Wei Chi, who is born and bred in Penang spoke of cryptocurrency exchange Sinegy and its impressive progress in a relatively short period of time. Chan leads marketing and business development at the firm which focuses on making cryptocurrency accessible to Malaysians through an easy over-the-counter (OTC) trade for cryptocurrencies from Malaysian ringgit.
Tickling the audience with his bold “blockchain-enabled” socks, in bright orange, yellow and blue, Rene Benard made a splash at the event and shared with the captive audience Luxtag, a blockchain solution for digitally tagging items from luxury products to degree certificates – a service already utilized by Malaysia’s Ministry of Education. Luxtag, which is admirably bootstrapped and funded by venture capitalists are in the process of signing up a prominent Swiss luxury watchmaker who is currently finalizing the agreement to hire LuxTag to put their luxury watch registrations on the blockchain.
Amierul Syamiil from rising cryptocurrency exchange Coinbene was also on hand to share how the cryptocurrency exchange has grown so rapidly. Syamiil, the community development director for Coinbene Asia was an early adopter of cryptocurrencies in Malaysia and explained how their Coni tokens incentivize usage of the exchange by providing a return on transactions that clients make through the issuance of the Coni tokens to traders.
Chuan Ji Lim of the Gibraltar Blockchain Exchange also shared on the opportunities available in Gibraltar for promising token sales and exchange listings. Gibraltar is one of the only countries in the world with comprehensive blockchain laws to govern the cryptocurrency industry. The Gibraltar Blockchain Exchange aims to be the world’s leading institutional grade token sale platform and cryptocurrency exchange, focusing on bring over the best practices from the traditional world into the new crypto world. Stressing the need for both greater regulation and transparency, Lim spoke also about the opportunities for the cryptocurrency industry to leverage Gibraltar’s strategic location and well-though out regulations to grow their cryptocurrency businesses.
Simon Pang, the community leader of Malaysia’s Steemit community shared how Malaysians’ have been using the Steemit platform to generate income from the content which they generate and share as well as how their activities on the various Steemit platforms can provide a steady stream of income, citing examples of a few plucky Malaysians who have generated sufficient following to even quit their full time jobs to generate content on Steemit. Steemit is the decentralized blockchain answer to the centralized world of social media and content generation that currently exists on the internet. A radical approach to democratizing the returns from content generation, Pang shared the many instances where Steemit was not just used as a vehicle for income generation, but also as a platform for community-driven aid programs, with Steemit users donating Steemit tokens to ensure that a Malaysian boy’s home had sufficient food and supplies and helping a woman who had given birth prematurely cope with the high medical bills she was facing.
Audience questions came quick and heavy, with the full spectrum of cryptocurrency experience being represented in the crowd – from the uninitiated to the self-professed crypto-obsessed, which helped to facilitate a lively discussion. With several panels and thoughtful questions fielded by Freda Liu, panelists and speakers took turns to share their views on how things are shaping up in the cryptocurrency industry in Malaysia, noting that although adoption rate is still low, the Malaysian government has taken a hands-off approach and the industry has tremendous potential. Some noted that more could be done by way of education and outreach, which would greatly increase confidence and adoption of cryptocurrencies.
But no proper cryptocurrency event would be complete without a yacht party. After a day of panels and presentations, the who’s who of the Malaysian cryptocurrency scene adjourned to the Aditus booth at the Straits Quay Marina where MUMM champagne flowed freely and the party continued well into the morning aboard a US$6.5 million yacht, supplied by Simpson Marine, one of the exhibitors at Penang Rendezvous 2018. The cryptocurrency scene in Malaysia just got a whole lot hotter, thanks to the Aditus and the passionate contribution of the dedicated professionals helping to grow the nascent industry.