KUALA LUMPUR (Oct 17): MyEG Services Bhd’s blockchain developer Zetrix is launching an initial exchange offering (IEO) on cryptocurrency exchange Coinstore.

The IEO will be conducted from Oct 18 to 26, MyEG and Zetrix said in a joint statement. Zetrix tokens ZTX will be listed on Coinstore on Oct 28, as well as two other cryptocurrency exchanges MEXC and BitForex, the statement said.

The IEO will see up to one million ZTX allocated for the IEO at 5.00 USDT per token, or a total of five million USDT raised from the exercise. USDT refers to cryptocurrency stablecoin Tether, which is designed to be valued at US$1 (RM4.72) per token.

The IEO, said Zetrix co-founder Datuk Fadzli Shah, provides an avenue to invest in Zetrix, which he said is “integrated and operational with China's national blockchain, Xinghuo Blockchain Infrastructure and Facility”.

Zetrix’s digital offerings, Fadzli said, 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 [artificial intelligence],” he said.

Zetrix, the statement said, is a layer-1 public blockchain infrastructure that leverages blockchain and AI to empower governments and enterprises in digitising global trade.

Zetrix is aimed 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).

Zetrix’s decentralised application, ZTrade, provides a faster and seamless cross-border trading experience for exporters to China, it said. 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).

In March this year, East Logistic-Link Co Ltd, a wholly-owned agency of the GACC, agreed to collaborate with MyEG to jointly provide 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),” the statement said.

MyEG, the statement said, is involved with several other public blockchain projects. In 2022, MyEG was appointed to jointly develop and operate Malaysia’s national public blockchain with Mimos Technology Solutions Sdn Bhd (MTSSB).

MTSSB is the commercial arm of Malaysia’s applied research and development centre Mimos Bhd.

MyEG is also in collaboration with the 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.

MyEG is also collaborating 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. This enables the digital transformation of crucial documents, including government-issued identity credentials, the statement said.

Upon the listing on Oct 28, a sum of 66.75 million ZTX tokens will be circulated, representing 6.05% of total supply at the start of the IEO, the statement added.

Zetrix had previously sold 140 million ZTX in its seed round, of which 20.1 million have been released into circulation, it added.