Abacus Secures $2 Million to Aid Investors and Projects in Managing Their Tokenized Liquidity Programs
As many of our readers already know, in order for the altcoin sector to become more appealing to the investor community at large we need to make sure that tokenized securities can be easily tracked/traded/exchanged (more specifically in a way that is similar to traditional stock options).
In this regard, it is worth noting that recently Abacus, a newly formed blockchain startup, believes that it has all the tools to make such a thing possible.
In an interview with Abacus CEO Pradyuman Vig, he stated that his company’s native platform has the ability to not only automate compliance for tokenized security transactions but also keep a firm watch on the custodianship associated with different private securities. As a result of this, it can become much easier for the SEC (as well as other financial watchdogs) to go through the individual histories of various securities transactions.
Elaborating further on the overall usability and functionality of Abacus, Vig noted that the platform can also perform actions such as:
- Issue tokenized assets.
- Administer and settle actions related to different digital financial instruments.
- Manage blockchains through the use of smart contracts.
- Track data through the use of an on-chain storage layer.
What Is Abacus Looking To Get Out Of All This?
In a recent interview, the founders of Abacus noted that the goal of their firm was to eventually make the process of trading private securities easier and more streamlined. With this information in mind, it is worth considering that if Abacus is able to bring its vision to life, the digital currency market could really take off and flourish in a big way.
However, as things stand, the idea of of a secondary market for tokenized securities does not feel like a “near-term possibility”. This is primarily because around this time last year, Bitcoin was trading for a mammoth $19,000 apiece. Now, as we all know, the alt-asset is closing in on the $3500 mark (with many experts even predicting the premier cryptocoin to drop below $1900 in the coming few days and weeks).
Abacus is Going All Out In Terms of Forging New Partnerships
Via a blogpost released earlier this week, a spokesperson for Coinbase announced that the company had officially entered into a partnership with Abacus— as a result of which US nationals will now be given the opportunity to trade hundreds of tokens directly from their wallets.
Additionally, Vig also stated that his company was also working closely with Chicago-based exchange ‘OpenFinance’ (another firm that is looking to start trading its first security token in the near future).
If that wasn't enough, Abacus has also recently signed an agreement with New-York based AirSwap (an established P2P trading platform).
More On The Matter
Based on all the information that has been reported in relation to Abacus’ native platform, it appears as though what the firm has to offer is of much interest to many tech companies across the globe. However, everything aside, it is worth remembering that Abacus is still a very young and small-scale operation. In all there are just 4 employees working for the company (that includes Abacus founders Pradyuman Vig and Ian Macalinao).
On this very subject, Vig noted:
“We’re programmatic and automatic, so if we got a lot of interest, we could spin out new issuances pretty quickly. It’s all API-based, so four people doesn’t seem like much but we’ve accomplished a lot.”
While it remains to be seen how the future of Abacus plays out from here on out, Vig recently stated that his company's success solely depends upon the
“number of new people who start to get involved with tokenized securities.”