Cryptocurrency market has crashed to its lowest level in 2018 but managed to get a greener graph in early today, as per coinmarketcap. However, this might be the reason at some point on why investors, analysts, and VCs are still confident in the future of cryptocurrency and its underlying technology thus investing million dollars in new startups.
Abacus Raised $2Million To Encouraged Tokenized Liquidity Program
KuCoin exchange was the latest crypto trading platform reported by Coingape that has secured the funding of $20 million from VCs. Nevertheless, the team has researched yet another crypto firm called ‘Abacus’ that has raised $2 million to aid investors and startups for managing their tokenized liquidity programs. Specifically, it has raised $1million from investor Justin Kan and serial entrepreneur whereas the other players in funding round of Abacus was ‘Y Combinator (YC) and Coinbase’.
Abacus is a brain child of Pradyuman Vig and Ian Macalinao developed to streamline the overall mechanism of tokenized securities. According to reports, it will help SEC and other auditing team to scrutinize the security by doing both – automating ‘the compliance for tokenized security transactions as well as to keep track of chain of custody of private securities’. Moreover, the founding team notes that it helps them – from the issuance of tokens to administration and settlement the tokenized securities on blockchain via smart contracts.
Coinbase to Be First Exchange Partner of Abacus
Coinbase exchange with its funding contribution towards Abacus will possibly count among its ‘first exchange’s partners. Beside Coinbase, Abacus is also focusing on the other market leaders, in fact, it has already partnered with a New-York based P2P trading platform called AisSwap. Furthermore, it is closely looking at ‘Chicago-based exchange ‘OpenFinance’ to join hands with which is presently planning to begin trading its first security token.