Distributed Technologies Research Ltd. (DTR), an Abu Dhabi Global Market (ADGM) based company, today announced its launch in the UAE and the licensing of its flagship stablecoin technology to Hong Kong-based DRAM Trust.
The move represents the company’s first step in its mission to develop innovative technologies that further enable the democratization of finance.
Stablecoins are a type of cryptocurrency that are intrinsically tied to an underlying asset to support a stable, steady value. Fiat-backed stablecoins, like DRAM, are one of the most popular forms of stablecoin.
DRAM is the acronym for Dynamic Random-Access Memory, a simplified semiconductor memory that enabled a revolution for the microcomputer and was an inspiration for the stablecoin’s name.
The DRAM Trust believes DRAM – Dynamic Random-Access Money – will achieve the same for the monetary system.
Akshay Naheta, the Founder and CEO of DTR, said: “The launch of DTR’s business in the ADGM and the licensing of its first product to the DRAM Trust is an initial step towards our wider ambitions. Our technologies provide the efficacy, usability, governance, security, transparency and stability sought by the cryptocurrency markets, while leveraging cutting edge technology protocols. The DRAM Trust brings much-needed credibility to the global stablecoin sector.”
There is continued adoption and growing investor appetite in non-volatile cryptocurrencies, such as stablecoins. According to a publication by Bernstein Research in August, the stablecoin market is expected to grow to $2.8 trillion in the next five years from $125 billion today.
DTR selected Hong Kong-based DRAM Trust as the preferred license partner due to its unmatched commitment to transparency, its investment in elevated cybersecurity and audit processes, and its ability to store wealth in a dollar-linked, market-tradeable stablecoin.
The Trust will publish a near real-time audit of its underlying reserves and quantity of minted tokens.
“Recent economic volatility and geopolitical events continue to attract interest in alternative digital currencies, particularly stablecoins that are backed by protected underlying and fully transparent fiat currency reserves. The DRAM offshore stablecoin will appeal to those looking to invest or store wealth in a non-dollar denominated, yet stable, marketable product,” Naheta added.
DRAM coins are available on various Decentralized Exchanges (DEX) including Uniswap and Pancakeswap immediately. The Trust intends to engage with centralized exchanges and other platforms in the near future.
Global law firm Decherts LLP acted as a legal advisor to DTR and the DRAM Trust for structural and regulatory matters.
The DRAM Smart Contract has been audited by Consensys and PeckShield, with real-time reserve audits to be published by The Network Firm through their LedgerLens product.
As part of its product expansion plans, DTR expects to launch a decentralized wallet solution in early 2024, to enable the wide accessibility and utility for digital tokens.
DTR is focused on the democratization of finance through the development of digital financial technologies. Based in Abu Dhabi Global Market (ADGM), DTR was founded by Akshay Naheta and licensed its first product, the stablecoin technology behind DRAMs, to the DRAM Trust (http://www.dram.net/).