Those who delve into the world of cryptocurrency and blockchain know how secure the service is. While the concept of cryptocurrency itself shook up the financial world, blockchain technology opened up a whole new avenue for new applications. The Amsterdam-based fintech Dusk Network is one such company that offers innovative financial products and services in the blockchain ecosystem. The startup has now secured over a whopping €840,000 from iFinex Inc for its project of bringing new innovative technologies to the market.
Funding to enable creation of regulated Security Token exchange
The latest funding round for Dusk Network was led by iFinex Inc and the company invested over US$1 million. With the latest funding round, the startup is poised to create a regulated Security Token exchange. When Dusk Network launches, it will be part of the first regulated security token exchange that combines the traditional financial industry with the blockchain ecosystem.
Paolo Ardoino, CTO at Bitfinex, has followed the venture closely since the very beginning. He says, “When launched, Dusk Network will be among the first compliant blockchain platforms for securities,” he said. “Dusk Network will bring the benefits of tokenization to the regulated market.’’
Perfectly timed collaboration for the DeFi movement
The latest collaboration is perfectly timed and goes perfectly with the current trend of DeFi, or Decentralized Finance. The DeFi approach backs the use of technology such as blockchain to transform the financial sector into a fair and affordable place for all kinds of businesses and investors. The know-how and user base of Bitfinex, the digital asset exchange owned by iFinex Inc., and the compliance and technology of Dusk Network, are closely aligned with the DeFi philosophy.
Jelle Pol, Business Director at Dusk Network, said: “With iFinex’s involvement, we add the experience and user base of one of the largest successful entities in the blockchain industry.“
The exchange project is designed to bring liquidity and transferability to assets, via digitisation of securities. This move is also expected to enable a wider, qualified investor audience to chip into previously inaccessible opportunities and bring wholly new assets to market. The profile of listable assets include Exchange Traded Funds (ETFs), shares and bonds, commodities, as well as novel assets native to the blockchain.
Privacy blockchain for financial operations
Being a privacy blockchain for financial applications, Dusk Networks aims to set a new standard for compliance, control and collaboration. The company was founded back in 2018 by tech entrepreneurs Emanuele Francioni and Fulvio Venturelli who joined forces with business experts Jelle Pol, Pascal Putman and Mels Dees. The company went public in the first half of 2019, after raising €7.4 million in 2018.
Main image credits: Dusk Network