LONDON (Bywire News) - Chintai has announced the beta version of a new digital assert platform which will help businesses, create, issue, and tokenise traditional assets in the capital and real-estate markets. It’s another step in the move to deliver innovative financial products to the blockchain.
The announcement comes as the blockchain specialist opens its Asia-Pacific headquarters in Singapore. Banks, asset managers and other financial institutions have been invited to join the beta digital asset program which run on EOS, the third generation blockchain launched by B1 in 2018.
Back in July, the platform raised £7.5 million to develop a platform for the tokenisation of traditional assets. That platform is now ready for beta phase and promises big things for the financial sector.
The new service offers businesses a simple way to set up their own issuances in an interoperable compliance protocol for digital assets which brings efficiencies and cost savings compared to other practices in the market. The beta program includes a variety of asset classes and sophisticated instruments which drive adoption.
The firm boasts backing from a collection of big names including Cryptology Asset Group, Collective Capital, Peer Venture Partners, Chimera Wealth, and B1.
“As we set our sights on tapping into the broader Asia-Pacific market, we see a strong potential for blockchain adoption by institutions in this region, with Singapore being a major key market that will lead the way,” David Packham, Founder of Chintai, said. “With our team of experts that come with deep experience in banking, capital markets and blockchain technology, we are confident in elevating the overall level of the blockchain ecosystem in Singapore, especially at the institutional level.”
Tokenisation is one of a number of potentially disruptive blockchain concepts entering the financial sector. It refers to issuing a blockchain token to represent a real tradeable asset in the digital sphere. It can greatly reduce the friction involved in the creation, buying and selling of securities and offers greater transparency, faster and cheaper transactions. This type of technology is only available thanks to the SEC approved, legal status of EOS.
“It’s well known that distributed ledger technology (DLT) is going to dramatically disrupt the financial system,” said Kevin Rose, Senior Vice President at Block.one. “Established financial institutions want to future-proof their competitive advantage, while smaller firms see the technology as a way to access innovative new business lines and increase their margins. Our comprehensive platform makes it easy for anyone to embrace compliant DLT for their specific needs”.
(Writing by Tom Cropper, editinig by Michael O'Sullivan)