KUALA LUMPUR – My E.G. Services Bhd’s (MyEG) shares on Bursa Malaysia rose in the early session today after the company announced its plan to introduce a decentralised finance (DeFi) product on Friday.
At 9.53am, its share price went up 3 sen to RM1.62 with 1.07 million units traded.
It was reported that MyEG said DeFi will provide cryptocurrency services to users of digital asset exchanges that are licensed as recognised market operators in Malaysia and abroad.
The service will enable participants to enter into smart contracts for the purposes of borrowing cryptocurrency or lending against their cryptocurrency assets, it said.
“As digital assets become increasingly mainstream and more widely used, DeFi services will allow holders of cryptocurrency assets to maximise their returns on investments.
“Leveraging a proven financial technology platform, DeFi uses blockchain technology – in particular, cryptocurrencies and smart contracts – to enable the provision and settlement of transactions, such as borrowing and lending, without the need for conventional intermediaries.” – Bernama, August 9, 2021
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