MAS-Licensed Crypto Firm MetaComp Sees ‘Exponential Growth,’ Drives Sustainable Crypto Mining in Kazakhstan – Interview

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Sujha Sundararajan

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Sujha Sundararajan

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November 14, 2024

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MetaComp, a Major Payment Institution-licensed digital payment token service provider in Singapore, has been tapping into crypto and traditional finance, offering a comprehensive suite of financial services.

In a recent conversation with Cryptonews, Eddie Hui, Chief Operating Officer and Co-President of MetaComp, noted that the company has seen “exponential growth” since the beginning of this year.

“We have over 250 clients right now. We have about $1 billion of turnover, and the range of products and services we’re offering is growing.”

MetaComp’s parent company, MVGX Group, recently partnered with Kazakhstan’s leading green electricity producer, AQ Group, to bring sustainable energy initiatives and financial infrastructure.

“What we’re offering to AQ Group is the ability to open the funds from investors willing to invest in sustainable mining in Kazakhstan,” Eddie told Cryptonews.

“Metacomp on the crypto side will help tokenise the units that are actually purchased by investors.”

The partners officially signed am MoU at the Token2049 in Singapore, last month.

In 2021, Kazakhstan became second in the world for the “hash rate”— computing power devoted to Bitcoin mining. However, by the year’s end, the mining industry consumed more than 7% of Kazakhstan’s generating capacity.

According to an MIT Technology Review report, the surge tipped the grid from surplus to deficit, leading to power shortages. As a result, Kazakhstan saw blackouts in various parts, and the government cut miners off from the national grid.

MetaComp’s MVGX partnership plans to construct a hybrid green power plant that combines wind, solar, and battery energy storage systems. This ensures a sustainable supply of green electricity to AQGroup’s Data Centres.

“Kazakhstan has a perfect set-up for that kind of business where they have access to large natural resources,” Eddie added.

“They have a great proximity with China to have high-quality equipment for that kind of infrastructure. And they’ve also established a 10-year-long tax exemption for green financing.”

Eddie further noted that the image of Bitcoin was so tainted in the past, because people thought that it was only emitting carbon.

“But now you can actually see that you can not only use natural resources, which will be carbon neutral, but also generate value out of it.”

MetaComp Aims to Promote Use of Crypto In Real-World Economy

MetaComp is building a – Client Asset Management Platform (CAMP) – that fully manages users’ fiat and cryptos.

“We’re trying to promote the adoption of crypto as a real and legitimate asset class that could allow you to do anything else in the rest of the traditional finance,” Eddie noted. He added that the CAMP platform would centralise all those services.

Further, MetaComp client’s also have access to Wallet Safe, which helps to legitimate all transactions. That said, the transactions are checked for its origin and source of funds.

“What we do with Wallet Safe is that we analyse on the blockchain all the transactions that go through those wallets.”

He also said Singapore is positioned at the forefront of crypto and DeFi developments. “I think we’re lucky to have MAS willing to take the lead in this.”