Dubai — To streamline the dealmaking process for Small and Medium-Sized Businesses (SMBs) in times of Covid-19 pandemic, UAE-based blockchain technology powered startup Maksab has launched a digital platform that it says will enable corporate advisors and consultants to serve and assist SMEs.
The company said that its newly launched platform connects advisors and private professional investors with SMEs that are seeking growth capital in a virtual environment. “The platform is developed for corporate finance consultants and transaction agents known as ‘advisors', SME business owners and private investors,” said Maksab.
The company claimed that its platform leverages the Ethereum blockchain to allow confidential, secure, streamlined, efficient and reliable transactions between platform users by deploying Ethereum-based ERC-20 smart contract. The smart contract allows for Maksab tokens (MXAB) to be utilized on the network as a bridge currency and anti-spam mechanism to manage and close deals in a B2B environment.
“By adopting blockchain as an underlying transaction protocol and using the internet's existing communication protocols, we allow deal-makers to facilitate B2B transactions in a streamlined and more efficient way. The deals that would usually take 8 to 12 months to close, can now take weeks or even days”, said Mohamed El-Masri, Founder, Maksab.
“Maksab platform creates an opportunity to widely address the significant funding gap that SMEs are facing. This mechanism has never been possible before in the history of private capital markets,” said El-Masri.
The platform allows SMEs to get access to qualified resources that assist them in accelerating the growth of their businesses. With the launch of Maksab, professional advisors and consultants can now support, consult, guide and prescribe growth strategies to entrepreneurs and their management teams, said the company.
“In the end, Maksab is all about community, users can earn rewards in the form of MXAB tokens for their participation and support of SMEs,” said El-Masri.