Below is our recent interview with D’Arcy Rahming Jr., CTO at ArawakX:
Q: Could you provide our readers with a brief introduction to your company?
A: ArawakX seeks to solve an age-old problem: Businesses that need financing to grow and Investors looking for new and exciting opportunities to put their money to work in those businesses. ArawakX is an international Pan Caribbean Stock Exchange and Crowdfunding Platform that is based in The Bahamas and licensed by the Securities Commission of the Bahamas.
My Father, D’Arcy Rahming Sr, was the first COO, of our first stock exchange in the Bahamas – Bahamas Securities Exchange (BISX), he left to start a Management Consulting Practice. Upon returning from college, I joined my father in his practice. There we helped businesses structure themselves to take on investors. In 2017, as the Bahamas began adopting crowdfunding, we saw this as an opportunity to practice our love of business, technology, finance and helping investors and businesses.
The company is headed by a team of experts who have over 200 years of experience combined in fields such as finance, business, entrepreneurship, stock exchange development and management. Our board and executives all have a great understanding of what it takes to start, develop, maintain, and succeed in companies and startups.
Q: Any highlights on your recent announcement?
A: In a world’s first: ArawakX has recently announced that it will accept Sand Dollar, the Central Bank of the Bahamas’s new digital currency (CBDC). This occasion is a major step forward in the utilization of a national digital currency that makes the ease of doing business even more efficient and provides access to financial services to even the unbanked. With the use of technology, we have been able to lower the barrier to entry for investors on ArawakX.com, allowing experienced and new investors to invest with as little as twenty five dollars ($25.00) or even sixteen dollars ($16.00). Now with the combination of the digital currency, the Sand Dollar, the barriers to investing and completing financial transactions have been significantly lowered.
Q: Can you give us more insights into your offering?
A: ArawakX’s main purpose as an exchange is to provide the Caribbean, the opportunity for startups to acquire the capital they need to develop and expand. When companies grow, they provide the opportunity for their local regions, communities, and countries to also prosper. On the flip side there are tons of hidden gems in the region that will be brought to light for investors.
Not just any company can list on ArawakX. We judge them based on the following acronym. They must have a T.E.A.M. that produces M.A.G.I.C. Team stands for The Executives, Advisors, And Management. MAGIC refers to each company having firstly a sizeable Market for their product or services, Access to provide those services and products in that market, the potential for Growth that is at least 10 times, they must be doing something Innovative and unique in their company, and lastly they have the Corporate governance to ensure the company is structured to have its best chance of success. The first two offerings Bahama Myfi and Pinnacle Food Brands are companies that fit these criteria.
Q: What can we expect from your company in the next 6 months? What are your plans?
A: With both of these companies being just the first offerings, we presently have almost an additional 300 companies in the pipeline, being vetted and getting ready to launch themselves. We plan in the next 6 months to launch an additional 30 to 40 companies. As we further integrate the Sand Dollar access will increase. We are also in the process of opening operations in several Caribbean countries. Beyond the 6 months, by lowering the barriers we hope to see starting here in The Bahamas, at least 70% of the Caribbean Populations in our Markets become owners of equities.
Q: What is the best thing about your company that people might not know about?
A: A major contributing factor to ArawakX’s success is the fact that most of the team are millennials and experts in their respective fields. The average age in the company is 35. Also, many of the team are former high level (near Olympic) athletes. We know what its like to compete on a world stage. Our combination of our seasoned business and finance veterans, and talented and hungry young professionals has allowed us to be the premier use case for helping the world of finance make its next jump.