Above Food Ingredients Inc., based in Regina, Saskatchewan, has announced a significant milestone in its growth strategy by successfully closing a convertible note financing round led by strategic investor Aqua 1 Foundation, a distinguished entity in the realm of Web3 innovation and decentralized finance (DeFi). Aqua 1 recently made headlines as the largest investor in World Liberty Financial, backed by a $100 million strategic investment into the company’s decentralized finance platform and its notable USD1 stablecoin.
The $20 million investment by Aqua 1, priced at a conversion rate of $2.50 per share, underscores the foundation’s strong belief in Palm Global’s mission to revolutionize global finance through asset tokenization and stablecoin deployment. This collaboration seeks to blend Aqua 1’s ample capital resources with advanced digital infrastructure to further Palm Global’s innovative initiatives.
Palm Global’s ambitious roadmap includes the tokenization of approximately $1.5 trillion in AA+ and AAA-rated sovereign assets and the introduction of a gold-backed stablecoin, backed by $350 billion in U.S.-based gold reserves. Additionally, Palm Global aims to launch proprietary trading platforms that facilitate real-world asset-backed investment products. In this partnership, Aqua 1’s Abu Dhabi entity, Aqua Labs Investment, will act as the exclusive technology partner, integrating its blockchain, Web3 tokenization, and stablecoin technologies into Palm Global’s evolving ecosystem.
This partnership is set to enhance scalability and operational efficiency in Palm Global’s financial products, encouraging global market expansion and positioning the company as a leader in next-generation financial solutions. Peter Knez, Palm Global’s Chairman and CEO, highlighted the transformative potential this investment holds, stating that it marks a crucial inflection point in the company’s evolution. Knez expressed enthusiasm about collaborating with Aqua 1, emphasizing their shared vision for financial impact and innovation at scale.
Dave Lee, Founding Partner and CEO of Aqua 1 Foundation, echoed the sentiment, stressing that Palm Global’s strategic focus on tokenized finance and digital currencies aligns with Aqua 1’s mission of democratizing access to blockchain ecosystems. Lee noted the geopolitical implications of Palm Global’s roadmap, as it aims to capitalize on the global shift towards digital monetary systems.
Both companies recognize that this partnership is not just a financial investment, but a groundbreaking step towards creating a globally recognized reserve currency, with 15 nations already committed to exploring the adoption of Palm Global’s stablecoin as their official currency. The collaboration is expected to facilitate unprecedented growth opportunities in the digital finance sector and beyond.
Above Food Ingredients Inc. is committed to propelling its vision of crafting a healthier world through sustainable agricultural practices and innovative food technology. Meanwhile, Palm Global is dedicated to fostering financial inclusion and sustainable growth through its blockchain-based solutions and agricultural technologies across various regions.
The partnership with Aqua 1 is poised to not only elevate Palm Global’s standing in the financial sector but also redefine the landscape of digital currencies and decentralized finance on a global scale.
