FinFabrik, a capital markets fintech incorporated in Hong Kong and Shenzhen, is now using R3’s Corda enterprise blockchain for its digital-asset platform.
FinFabrik partners with institutions in private markets primarily in Asia to grow new digital asset channels. The aim of its platform, called CrossPool, is ultimately to connect assets and capital by enabling private markets participants to develop standardized digital assets and workflows. Institutions handle the whole lifecycle on the platform: issuance, listing, trading permissions, KYC, transactions, payments, dividends etc.
FinFabrik has adopted Corda to handle the management transactions and settlement of digital assets at scale on CrossPool with full control of data privacy and security by its clients. R3 is an enterprise blockchain software firm working with a global ecosystem of more than 300 participants across multiple industries from both the private and public sectors.
Alex Medana, co-founder & CEO, FinFabrik, said, “Joining the community of Corda Enterprise feels like we have finally graduated to the ‘Blockchain Premier League’,” said Alex Medana, co-founder and CEO at FinFabrik. “Corda has been built by and for the finance industry, particularly capital markets where we come from.”
Medana says Corda gives FinFabrik’s clients a turnkey solution to grow their digital channels that is scalable, secure and in line with their demands on data privacy. The firm expects 2020 to see mature products in the digital-asset space, which should create new revenue opportunities.
He adds that another reason to select Corda was the legal prose that FinFabrik was able to bake in on CrossPool: “Contracts can be read by humans and machines; they are lawful, enforceable and once written on a blockchain they become irreversible, tamper-proof, immutable. We now have the same technological baseline as major financial institutions.”
Cathy Minter, chief revenue officer at R3, said, “The issuance and exchange of digital assets through blockchain technology has the potential to transform the face of institutional capital markets over the coming years. FinFabrik will now be able to leverage Corda’s unique scalability and privacy to offer their customers the most secure and transparent platform for their digital assets.”