The UAE-based financial services company ICICB Group has announced that it will invest $5 million in the Layer 1 blockchain network, SonoCoin.
SonoCoin is a native proof-of-stake blockchain platform, and claims to be the first to host audible-friendly tokens which enables users to transact via encrypted audio files.
It combines smart contract technology with breakthrough data-over-sound capability. Anyone can transact utilising the coin’s basic distribution methods, such as sound (like Shazam), messenger, QR codes, and Bluetooth, thanks to the coin’s.WAV file type.
SonoCoin operates on B2B2C model, where SonoCoin licences its blockchain platform to businesses who then use the technology to boost sales and customer interaction.
Similar to eCoupons, viewers of television commercials can receive SonoCoins while watching to receive discounts on the things being advertised. Through the elimination of expensive third parties, this solution streamlines services for both customers and businesses in the gaming, loyalty programs, and digital marketing sectors.
The investment holding firm ICICB focuses on providing financial services and investment opportunities. The Dubai headquartered firm is emerging as one of the fastest-growing multinational investment companies.
ICICB provides services to a wide range of industries, including digital banking, consultancy, commercial real estate, healthcare, and more.
ICICB has been focusing on the development and advancement of digital technology, integrated with everyday life to increase efficiency and sustainability, during the past few years. In fact, ICICB has actively invested in digital technology over the past three years and recognizes the opportunities for advancement in the music industry.
“The music and creator industries are undoubtedly on the verge of a major shift, transitioning from a Web2 model centered on content consumption to a Web3 model centered on content ownership,” states ICICB Chairman, Airton Arruda. “Artists are only now figuring out how to best use Web3 to interact with their audience”
ICICB is bullish on SonoCoin, and believes that its sonic-powered connectivity will play an integral part in providing creators with tools that increase contact points with fans.
The investment which will be done over the next twenty-four months will go towards hiring talent across the company’s engineering, creative, business, and marketing teams and scale the vision of becoming the layer 1 chain of choice for music and entertainment.
ICICB has a big focus on blockchain technology and the ongoing global revolution that seems to disrupt the traditional way of doing business in all areas, from finance to gaming.
The group has also devloped its own blockchain – ICICB Chain, which boasts a processing speed of 50,000 transactions per second (TPS) for just $0.0000008 per transaction. Moreover, the group is also in the process of developing out Cosmos, an expansive virtual reality universe that includes all major sectors of the emerging crypto-sphere under the auspices of the ICICB Metaverse.
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