Press Release (ePRNews.com) - NEW YORK - Jun 06, 2018 - Financial blockchain leaders FUSION have turned heads on Wall Street by announcing that USD12.28 billion worth of digital assets have been locked-in on its revolutionary cryptofinancial platform, in what is one of the biggest commercial deals secured by a financial blockchain company to date.
Revealed at the first meeting of the FUSION Foundation Intelligence (FFI) conference, held at the Hilton Midtown on May 17, the locked-in funds – a term used to describe the process by which a third party deposits their assets onto the FUSION blockchain to be transacted upon or managed there – have been made available thanks to strategic partnerships with leading corporations in the asset management, second-hand car financing and restaurant supply chain management spaces.
They will see FUSION undertake a broad scope of work for companies operating in challenging niche industries in a test of how well cryptofinance can cope with real-world use cases:
• Digitizing and tokenizing financial assets and fixed assets to ensure effective circulation in the financial system.
• Digitizing the financial assets of a car dealership platform with revenue of over USD10 billion per year.
• Developing an effective system for supply chain and e-commerce financing.
“These are tremendous opportunities not only for us but for the cryptofinance industry as a whole,” said FUSION visionary and principal DJ Qian. “We now have the opportunity to demonstrate how the FUSION ecosystem can streamline and effectively deliver for companies who are operating in highly specific industries, digitally and globally, and our degree of success will be seen as a benchmark for how far blockchain-based finance has come.”
Present at what was described as a momentous occasion for cryptofinance were not only blockchain industry players but a range of thought leaders from leading traditional financial institutions. Guests had the pleasure of listening to finance thought leaders in attendance discussing key issues pertaining to the adoption of next-generation cryptofinance infrastructure, with the FUSION network a particular focus for presenters. Topics addressed included a panel discussion on “Traditional Finance vs Cryptofinance.”
At the same time, guests also learned about six important new functions available on the FUSION network, each designed to ease adoption by the broader financial community. These new functions are:
• A “Lock-in Lock-out” mechanism which enables the ability to lock-in crypto assets from other blockchains onto the FUSION blockchain. Four token types will be supported on FUSION’s first version – BTC, ETH, ERC20 and USDT – with a plan to expand to accept all digital assets controlled by private key in the near future.
• A token “Time Lock” which adds time as a third dimension of value, in addition to the type of token and the amount of tokens.
• A short address notation which simplifies token addresses, reducing account string length.
• Cross-chain smart contract functionality, enabling smart contracts that include different tokens at the same time (e.g., a smart contract that includes USD Tether, BTC and ETH).
• Support for new token issues on the FUSION platform.
• Support for token swaps on the FUSION platform, enabling easy swapping of FSN ERC20 tokens to native FSN tokens on the FUSION blockchain without the need for third-party exchanges.
Qian explained that the full suite of FUSION’s new features would become available on May 31 when the platform’s Testnet is launched. He also surprised the guests by introducing a star-studded lineup of advisors spanning some of the finest minds in the financial industry. They were Daniel Petrozzo, former CIO of Fidelity Investments, and Dr. Najam Kidwai.
This esteemed panel of advisors will comprise the leadership of the FUSION Foundation Intelligence, due to be headquartered at FUSION’s new office in New York. They will be tasked with spreading awareness of FUSION’s successes and developing even closer links with the financial industry in order to encourage adoption of the FUSION platform, and are a part of FUSION’s grander vision of building a truly all-inclusive cryptofinance ecosystem. FUSION’s very own industry adoption team was also established on the same day and will also be headquartered in New York, working on the ground in the world’s financial capital to fulfill FUSION Foundation Intelligence’s exciting vision.
“I hope that with FUSION Foundation Intelligence, we can build connections around the world and encourage leading institutions to adopt our technology,” said Qian. “Equally, I am looking forward to frequent brainstorming and idea-sharing sessions with influencers in the crypto and traditional spaces to formulate what the next step should be. In other words, what is the next paradigm in cryptofinancing and how do we get there?”
The FUSION Foundation Intelligence conference was held to coincide with Consensus 2018, the world’s leading blockchain technology conference. FFI will be a twice-yearly event and the next gathering is due to take place in November or December 2018. For more information about FUSION and its innovative and inclusive approach to finance, please visit www.fusion.org.
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FUSION aims to open a new era of cryptofinance for the Internet of Values. With an inclusive and innovative approach, we are creating a broad finance ecosystem on the blockchain that is fully interoperable, intelligent and independent, providing the infrastructure and architecture for fully fledged financial functions on the blockchain.
We work towards our goal by cooperating with financial institutions, cryptocurrency companies, third-party app developers, academia and the broader cryptocurrency community. Through providing APIs to enable different cryptocurrency tokens, off-chain values and data-sources to be mapped onto the FUSION blockchain, we are moving ever closer to building a truly unified financial ecosystem.
Visit www.fusion.org to learn more about FUSION.
Benefits of the FUSION Platform:
By adopting FUSION and locking-in their assets on the FUSION platform, companies stand to gain key competitive advantages compared to industry competitors, including:
Ease of Business Automation:
Companies expend a great deal of time and money managing their own supply chain and administering processes with clients and other business partners. However, through the use of the FUSION platform, assets can be digitized and transactions programmed through smart contracts, allowing for thorough and highly effective business automation while reducing wastage as a result.
Access A Bigger, Better Financial Ecosystem:
One may think of all cryptocurrencies and financial platforms as being like a small river. As they exist in their own ecosystem, their size is naturally limited. This siloed nature means that anyone who wants to conduct cross-platform transactions needs to have an account on each platform, creating a natural disincentive.
With FUSION, all these small rivers combine to create a large lake. As a connected ecosystem that integrates the many different financial platforms in existence, FUSION allows for simple and straightforward value transfer across platforms and cryptocurrencies.
Enable Complex, Multi-Party Financial Agreements:
FUSION enables all companies to access the benefits of complex financial instruments. In today’s world, creating agreements that involve three different parties creates prohibitive costs. However, if all assets are locked-in on FUSION, a programmable smart contract involving as many as 10 parties, 20 different assets and based on over 30 different conditions is reduced to matter of code, minus the high costs. Furthermore, the use of code guarantees that the contract will be executed exactly as it is written.