Singapore Startup Secures $12.3 Bln in Assets on Blockchain Platform

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Singapore Startup Secures $12.3 Bln in Assets on Blockchain Platform

Post by phATstax00 » Sat Jun 02, 2018 7:02 am

Singapore-based crypto-finance company FUSION has secured $12.3 bln in financial assets from three strategic partners, who will lock those assets on the startups’ public blockchain platform, Reuters reported June 1.

The funds were reportedly provided by three companies, FormulA, Carnex, and KuaiLaiCai, which operate in the fields of asset management, car financing, and restaurant supply chain management, respectively.

By depositing the sums on the FUSION blockchain, the participants commit to using the blockchain to manage and process transactions from those funds.

By using FUSION, the companies reportedly will receive access to a global finance network, be able to deal in various cryptocurrencies, and have a wider choice of financial instruments. FUSION founder DJ Qian commented on the deal:

“FUSION is like a value connector. Every company has its own ecosystem and the money flows from one player to another. But that ecosystem is actually limited. What FUSION is trying to do is create a platform that will help those ecosystems connect with each other once they have digitized their assets.” ... n-platform

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