China’s Holley Group Invests in Blockchain Startup Everex
Hangzhou — Holley Group, a Chinese multinational manufacturing group, invests $500,000 into blockchain startup Everex. The investment marks Holley Group’s first investment into the fintech sector.
Holley Group and Everex came to terms on July 19, which will see the trans-regional firm, with assets in excess of $3 billion, expand its influence into Thailand.
As a developer of the Thai-Chinese Rayong Zone, which is recognized by the Ministry of Commerce as National Overseas Economic and Trade Cooperation Zone, Holley Group has since 2012 overseen the construction of new Chinese-owned solar, rubber and industrial manufacturing plants in the zone. The firm employs 10,000 worldwide in North America, South-east Asia, Europe and Africa.
“Holley has always been involved with technology investment activities in China,” says Wenxin Liu, Regional President of Holley Group ASEAN Region Headquarter. “Investing in Everex is the first investment we have made into a technology startup in Southeast Asia. Not only do we like the Everex team and its product, but we want to support the region’s financial infrastructure and believe particularly in the future of blockchain. So, it’s not just a single project investment, but an investment into the future. We believe Everex will make a huge contribution on cross-border transactions while serving banks, financial institutions and individuals. Holley will continue to support Everex to achieve this big dream.”
The Singapore-based Everex, whose digital cash transfer platform Cryptocash uses blockchain technology to facilitate a public credit system, has run tests of its product suite in Thailand. More than 100 Migrant Workers in the country used Everex to send money home to Myanmar. Besides its micro-lending and cash transfer solution, Everex has developed a Crypto-asset wallet, Everex Wallet, as well as other products and services.
“Alongside groundbreaking technology based on the Ethereum blockchain platform, strategic partnerships with ethical multinational corporations like Holley is key to our goal of financially including the underserved globally,” Everex CEO Alexi Lane said. “Ethereum, and blockchain technology generally, have the capacity to lower transaction costs, increase transparency and onboard diverse swathes of individuals who don’t have access to the financial services many of us take for granted.”
The Executive Deal Advisor on the fundraising, investment consultancy company HKK Capital believes opportunities abound in SE Asia for Chinese investors. “HKK Capital has big expectations for SE Asia, which is the third largest market in the world,” said HKK Capital Managing Director Kobe Kang. “Our vision is to bridge the gap between Chinese investors like Holley Group and SE Asian startups like Everex.”
About Holley
Holley Group is a trans-regional, inter-trade and export-oriented entity with total assets in excess of $200 million. Holley Group’s manufacturing operations are located in Hangzhou, Chongqing, Guangzhou, Beijing, Shenyang, Haikou and Bankok, Thailand. Since 1993, Holley Group has been rated as one of the leaders in economic development in China.
About Everex
The Singapore-based Everex is developing the tools needed in order to serve the two billion financially underserved individuals alive today. The startup’s suite of products includes a micro-lending capable digital cash framework, CryptoCash, which brings fiat currencies to life on Ethereum’s blockchain. The Everex Wallet is a multiple crypto-asset wallet for Ethereum-based tokens. Everex, which was recognized in 2017 for its “Service Originality” at the 2017 Remittance Technology Awards, launched a crowdsale July 24.
