AIQ announces new contract to supply DeFi DEX

AIQ announces new contract to supply DeFi DEX

LONDON, UK: The Board of AIQ Limited announced that Alcodes International, the Group’s IT consultancy business headquartered in Hong Kong, has been awarded a contract worth US$552k to supply a decentralised finance (“DeFi”) exchange (“DEX”) to a customer based in Australia. Under the terms of the contract, the Group will receive payment in tranches upon completion of milestones, with the project expected to be fully delivered in approximately six months.

A DeFi DEX is a cryptocurrency exchange that enables peer-to-peer trading without the need for an intermediary. Rather than liquidity and orders being aggregated by a centralised entity such as brokerages and banks, a DeFi DEX uses online blockchain technology with smart contracts that provide automatic and self-executing digital agreements.

Through leveraging smart contract functionality, DeFi DEX platforms are able to operate in a transparent manner to minimise counterparty risk.

The majority of the revenue generated under this contract will be recognised in the Company’s financial year to 31 October 2022. While the Board is pleased to have secured this new contract, trading conditions for Alchemist Codes remain challenging due to the continuing impact of COVID-19 in Malaysia.  

Revenues remain severely depressed in Malaysia and the Board is focused on generating additional revenue opportunities whilst containing expenditure levels.  

Edwin Li, Executive Director, said: “We are delighted to have been awarded this project to deliver a Decentralised Finance Exchange to a customer in Australia. As we said at the time of announcing the results of our strategic review, we have been looking to expand our IT consultancy work into other technology areas and I’m pleased that we have succeeded in doing this so soon. While it is still early days for our Hong Kong business, this is an exciting project that we look forward to delivering for our new customer.”  

AIQ Ltd share price

10.42 GBX

27 Sep, 8:03 am GMT+1 ·Disclaimer

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