Dr. Marc Fleury Ph.D. a well known open-source guru and founder of JBoss (acquired by Redhat for $420 million in 2006) has announced the launch of Two Prime, a fintech firm that focuses on the financial applications of crypto to the real economy. Atomic Capital founder Alexander S. Blum will be acting COO and Fleury will helm the project as CEO. They plan to  introduce what they say is a new breed of cryptocurrency with safeguard mechanisms that use real assets.

In a press release, Fleury said:

“It’s been 11 years since Satoshi Nakamoto published the now infamous Bitcoin Whitepaper. Despite its debut as an alternative financial architecture in reaction to the financial crisis, crypto has yet to reach its full potential as a viable asset. The industry has largely been focused on finding blockchain’s ‘killer app,’ which has not been fruitful thus far and largely ignores Bitcoin’s original thesis — financial applications. In order for the industry to mature and evolve, we must refocus on finance and take a look at where crypto has succeeded. Specifically, crypto has succeeded 1) as a store of value; 2) in rapid fund formation, as demonstrated during the ICO boom; and 3) in the prevalent use of asset-backed tokens in the markets. By bridging the best practices of traditional finance and crypto, our aim is to create a new asset class by applying traditional financial models and theories to crypto and bringing trust and professionalism to the industry.”

Based in Hong Kong, the company is offering a Continuous Token Offering (CTO) in order to build funds raised to help make crypto a proper new asset class that appeals more to the financial world.

“One of the greatest successes of cryptocurrencies is in rapid fund formation, as demonstrated during the ICO boom,” said Alexander S. Blum. “In 2017, seed funding for startups via tokens offerings on exchanges overtook private equity. As VCs generally shun the seed stage, it filled a niche that traditional financial players left unaddressed. In stark contrast with VC or PE structures that lock up limited partners to their investments for years, the ICOs provided a liquid instrument for purchasers. Unfortunately, in a classic case of misallocation, many ICOs in 2017 wasted their proceeds on useless tech, lavish parties, and illicit activities. With the CTO, Two Prime aims to bring traditional asset allocation to crypto in order to reignite rapid fund formation, restore the industry’s reputation, and professionalize the crypto markets.”

According to a report by David Pan at Coindesk, Two Prime intends to release an initial five million tokens (just five percent of the 100 million to be created in total) onto the secondary markets, with the rest being released over the next 10 years which mirrors the approach taken by Ripple and its XRP sales and more resembles equity fundraising.

Two Prime’s FF Accretive Token (FF1) will initially to be traded on Japan-based crypto exchange Liquid in late February, starting at $3 per token.

Calling it a new breed of token on their website, they add that the FF Accretive Token (FF Token) is part Store of Value and part Asset-Backed token and employee a model that leverages the fund formation dynamics of crypto exchanges via the Continuous Token Offering.

“A Continuous Token Offering enables a listing to fund itself over time while showing real progress to the markets, converting the atom bomb of ICOs into a controlled and sustainable nuclear reactor.”

CEO Fleury has apparently committed $2 million of his personal wealth to the fund and also revealed to CoinDesk the first outside investor in its token is Hong Kong-based private equity firm SIB Investment Ltd.

The press release also noted that the FF Accretive Token will de-risk digital assets through the traditional model through making carefully calculated capital allocations, and improving fund’s performance by investing in real-world projects, including BabelFinance, one of the world’s largest commercial crypto finance institutions, and leading crypto investment fund NGC Ventures. Two Prime is registered in Hong Kong and FF Accretive Token represents a new asset class. The token is anticipated to be listed in Q1 2020 on Liquid, a cryptocurrency exchange with more than US$50 billion in transactions, and will have a securitized offering in the U.S.

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem – Honorary Ph.D. and is Chair Professor of Blockchain at China’s first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford’s Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission’s SME Instrument programme as a startup assessor and as a startup judge for the UK government’s Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ‘The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website

  • Open Source Luminary Marc Fleury Enters Crypto Arena with Announcement of New Crypto Asset Class and Continuous Token Offering Sale – January 16, 2020
  • UN Warns Public Not To Attend North Korea Blockchain and Cryptocurrency Conference 2020 – January 16, 2020
  • Fiat-to-Crypto Gateway Solution, Banxa, Raises $2 Million USD Series A Round Led By NGC Ventures – January 15, 2020
  • United Africa Blockchain Association Plans to Fire Up Blockchain Adoption – January 14, 2020
  • Thai Actor and Victim’s Bitcoin Buddy Implicated in Kidnapping and Ransom of Singaporean National in Thailand – January 14, 2020
  • Securitize Runs First-Ever IRA Investment In Digital Securities – January 14, 2020
  • NBA Star Spencer Dinwiddie “Tokenizing” His Contract With or Without NBA Green Light – January 13, 2020
  • European Central Bank President Christine Lagarde Says ECB Bullish on Digital Currencies – January 13, 2020
  • Canadian Crypto Company Voyager Digital Completes Acquisition of US Registered Broker-Dealer – January 13, 2020
  • Cogito, Hong Kong-Based Entertainment Studio, Launches Decentralised Autonomous Virtual Horse Racing Game – January 9, 2020
  • Blockchain Bandwagon Company Longfin CEO Settles with US SEC for $400,000 – January 7, 2020
  • Winklevoss Brothers Invest in $5 million Seed Round for TaxBit – January 7, 2020
  • Securrency Secures $17.65 million in Series A funding round Led by WisdomTree – January 7, 2020
  • Measure Protocol Backed with £2m in New Funding for Blockchain-Powered Person-Based Data Marketplace – January 7, 2020
  • The Next Wave of Crypto – Traction is Key – And Mobile Mining is Gaining Massive Adoption – January 2, 2020
  • Google Reverses Metamask Ban from Playstore – January 1, 2020
  • Bankex Launches Token Exchange Engine in Telegram – December 31, 2019
  • Josh Lawler: Distributed Facts — The Missing Link to Solving “Fake News” – December 31, 2019
  • 2gether Adds WAVES to it’s Roster of Cryptocurrencies Integrated to the 2gether Prepaid Visa Card – December 18, 2019
  • 2nd Open Call for EU-Funding Up to Equity-Free €200K Funding for 16 Lucky Blockchain Startups to Build MVPs – December 16, 2019

View All Articles



Also published on Medium.



Source link

Register at Binance