Above Food Ingredients Announces Palm Global Technologies Launch Of Palm Promax Investments, A Strategic Joint Venture Between Palm Global And Promax United
Above Food Ingredients Inc. (NASDAQ:ABVE) ("Above Food" and the "Company") today releases the Palm Global Technologies ("Palm Global") announced launch of Palm Promax Investments ("Palm Promax") www.palmpromax.com, a strategic joint venture between Palm Global and Abu Dhabi conglomerate, Promax United LLC ("Promax UAE").
Palm Promax seeks to redefine the global financial landscape through the development of next generation investment products and platforms powered by Palm Global's advanced blockchain, Artificial Intelligence and Web-3 technologies. Its vision is built upon two primary objectives, the creation of the world's leading digital fixed-income platform and the establishment of the world's most globally recognized stablecoin digital asset. Both initiatives are anchored by the tokenization of over $1.5 trillion in AA and AAA-rated Real-World Assets and backed by sovereign partnerships in more than fifteen nations.
Underpinned by Promax UAE's unparalleled access to Real-World Assets and powered by Palm Global's highly scalable AI driven DeFi ecosystem, Palm Promax has launched with an initial injection of approximately $350 billion in U.S. gold-based assets onto the joint venture's balance sheet. These assets serve to securitize and anchor its fixed income platform and stablecoin. Through Palm Global's 30% ownership stake in Palm Promax and its underlying assets, Palm Global will recognize its share of the substantial high-margin revenues, earnings and cash flows generated by the joint venture's operations.
Promax UAE owns a number of semi-government subsidiary companies, which provide strategic financial access through their direct engagement with central banks globally. This is expected to facilitate the widespread adoption of Palm Promax's gold-backed stablecoin. With more than fifteen sovereign partnerships already committed to the project, the stablecoin is also designed to address challenges faced by nations whose domestic currencies are not widely accepted for international trade, providing a viable solution to facilitate global commerce.
Chairman of Palm Global, Peter Knez, commented: "As the global financial landscape undergoes a seismic shift and the digital world enters a new paradigm, with the United States and other nations introducing regulatory frameworks and strengthening oversight of cryptocurrencies and tokenization, investor confidence in digital assets continues to grow.
Meanwhile, trillions of dollars in private assets, gold, real estate, infrastructure remain trapped in illiquidity, inaccessible to investors and undervalued by markets. With Palm Promax's unique combination of institutional expertise, highly scalable artificial intelligence and cutting-edge blockchain technologies, we are poised to unlock this vast potential, not merely as participants in the financial transformation but to lead as its architects.
I am thrilled that, through our partnership with Promax UAE, Palm Promax is positioned to become the world's leading provider of tokenized asset-backed fixed-income funds, stablecoins, and investment platforms. With assets collateralized by gold, AA- and AAA-rated instruments, distinguished by strong histories of positive cash flow, our products and platforms will gain global recognition, enabling us to compete directly with government treasuries and bonds while offering competitive yields. This, I believe, will be truly transformative for the fixed-income investment market and the broader financial sector.
Our distinct advantages have already attracted the support of numerous sovereign wealth funds and central banks, including our esteemed partner, the Central Bank of the UAE. As part of our strategic vision, we are set to launch what we anticipate will be the world's largest asset-backed stablecoin. This initiative is designed to empower developing economies, including the fifteen African nations we are already working with, by providing a currency that is freely tradable and globally accepted, significantly strengthening their economic standing.
Beyond conventional assets, Palm Promax is pioneering the valuation of nature itself. Carbon credits, biodiversity reserves, AgTech and ecosystem services will soon be integrated into our platform, because true sustainability must align profitability with planetary stewardship. Tokenization is not merely a financial innovation; it is a catalyst for redefining how the world invests in its future."
His Excellency Louai Mohamed Ali, Group President of Promax United LLC, commented: "We are thrilled to partner with Palm Global, bringing together all the essential elements to establish a universally recognized, world-leading fixed-income platform, a ubiquitous digital currency, and an unrivaled position as the global leader in the tokenization of real-world assets.
It has been many years since Peter was at the forefront of the ETF industry at Barclays and BlackRock, helping to shape what is now a $14 trillion market. Today, with Palm Promax, we stand at the precipice of an even greater financial evolution. We are poised to introduce a portfolio of products that will not only surpass this achievement but redefine the investment landscape, with our tokenized, real-world asset-backed funds, products, and stablecoin at its core.