Dr. Marc Fleury Ph.D. a well-known open-source guru and founder of JBoss (acquired by Redhat for $420 million in 2006) has introduced the launch of Two Prime, a fintech agency that focuses on the monetary functions of crypto to the actual financial system. Atomic Capital founder Alexander S. Blum can be appearing COO and Fleury will helm the challenge as CEO. They plan to introduce what they are saying is a brand new breed of cryptocurrency with safeguard mechanisms that use actual belongings.
In a press launch, Fleury stated:
“It’s been 11 years since Satoshi Nakamoto revealed the now notorious Bitcoin Whitepaper. Regardless of its debut instead monetary structure in response to the monetary disaster, crypto has but to succeed in its full potential as a viable asset. The trade has largely been centered on discovering blockchain’s ‘killer app,’ which has not been fruitful so far and largely ignores Bitcoin’s unique thesis — monetary functions. To ensure that the trade to mature and evolve, we should refocus on finance and check out the place crypto has succeeded. Particularly, crypto has succeeded 1) as a retailer of worth; 2) in speedy fund formation, as demonstrated throughout the ICO growth; and three) within the prevalent use of asset-backed tokens within the markets. By bridging the very best practices of conventional finance and crypto, our intention is to create a brand new asset class by making use of conventional monetary fashions and theories to crypto and bringing belief and professionalism to the trade.”
Based mostly in Hong Kong, the corporate is providing a Continuous Token Offering (CTO) so as to construct funds raised to assist make crypto a correct new asset class that appeals extra to the monetary world.
“One of the best successes of cryptocurrencies is in speedy fund formation, as demonstrated throughout the ICO growth,” stated Alexander S. Blum. “In 2017, seed funding for startups by way of tokens choices on exchanges overtook personal fairness. As VCs usually shun the seed stage, it stuffed a distinct segment that conventional monetary gamers left unaddressed. In stark distinction with VC or PE buildings that lock up restricted companions to their investments for years, the ICOs offered a liquid instrument for purchasers. Sadly, in a traditional case of misallocation, many ICOs in 2017 wasted their proceeds on ineffective tech, lavish events, and illicit actions. With the CTO, Two Prime goals to carry conventional asset allocation to crypto so as to reignite speedy fund formation, restore the trade’s repute, and professionalize the crypto markets.”
In response to a report by David Pan at Coindesk, Two Prime intends to launch an preliminary 5 million tokens (simply 5 p.c of the 100 million to be created in complete) onto the secondary markets, with the remaining being launched over the subsequent 10 years which mirrors the strategy taken by Ripple and its XRP gross sales and extra resembles fairness fundraising.
Two Prime’s FF Accretive Token (FF1) will initially to be traded on Japan-based crypto trade Liquid in late February, beginning at $three per token.
Calling it a brand new breed of token on their web site, they add that the FF Accretive Token (FF Token) is an element Retailer of Worth and half Asset-Backed token and worker a mannequin that leverages the fund formation dynamics of crypto exchanges by way of the Continuous Token Offering.
“A Continuous Token Offering permits a list to fund itself over time whereas displaying actual progress to the markets, changing the atom bomb of ICOs right into a managed and sustainable nuclear reactor.”
CEO Fleury has apparently dedicated $2 million of his private wealth to the fund and additionally revealed to CoinDesk the primary exterior investor in its token is Hong Kong-based personal fairness agency SIB Funding Ltd.
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