FUSION Blockchain Announces $12.28 Billion Locked-In Digital Assets
New York-based financial blockchain company FUSION announced earlier today that $12.28 billion worth of digital assets have been locked-in to the FUSION crypto-financial platform. The startup is calling the locked-in assets “one of the biggest commercial deals secured by a financial blockchain company to date.”
FUSION’s platform allows customers to “lock in” funds. By locking-in funds, a third party deposits assets onto the FUSION blockchain to be transacted upon or managed there. FUSION is proposing its platform as a way for crypto-assets to interact with real world use cases and mainstream finance. You can lock-in bitcoin on FUSION’s blockchain, for example, or lock-in traditional financial assets.
FUSION’s press release is attempting to make a huge deal out of this announcement. “FUSION Shocks Wall Street with USD12.28 Billion Announcement,” begins the press release in dramatic fashion.
The press release goes on to describe the news as a “commercial deal”, which seems to suggest that FUSION has received $12.28 billion in financing or signed a $12.28 billion deal with a company. In reality, this release simply indicates that $12.28 billion of assets have been locked into the FUSION platform. Calling this news “one of the biggest commercial deals secured by a financial blockchain company to date” doesn’t seem entirely accurate. FUSION doesn’t actually have control over the $12.28 billion: the assets have just been secured on the FUSION blockchain.
Confusion aside, the company’s platform allows users to add other blockchain assets and traditional financial products to the FUSION Blockchain, regardless of which chain they’re currently on.
FUSION’s platform could be used to digitize and tokenize financial assets and fixed assets to ensure effective circulation in the financial system, for example. Companies could use FUSION to “tokenize” traditional shares or stocks on the blockchain.
Other proposed real-world use cases for FUSION can include digitizing the financial assets of a car dealership platform with revenue of over $10 billion per year or developing an effective system for supply chain and e-commerce financing.
$12.28 Billion of Assets Have Been Locked Into the FUSION Blockchain
As mentioned in a press release earlier today, FUSION just surpassed the $12.28 billion mark, indicating that $12.28 billion of assets have been locked-in on the FUSION platform.
FUSION’s platform can lock-in mainstream financial assets as well as other digital tokens. Today, the FUSION blockchain supports four main token types, including BTC, ETH, ERC-20 tokens, and USD Tethers. In the future, FUSION plans to expand to accept all digital assets controlled by private keys.
When locking in assets on the FUSION platform, users enjoy features like a “time lock” that adds time as a third dimension of value in addition to the type of token and the amount of tokens. There’s also a short address notation that simplifies token addresses, reducing account complexity and string length. Cross-chain smart contracts, new token issuance protocols, and token swaps are also supported on the FUSION platform.
What’s Next for Fusion?
Overall, FUSION is marketing itself as an “innovative platform that connects various forms of blockchains.” It unifies digital assets and financial assets cross-chain while adding them to the main FUSION blockchain. In February 2018, FUSION launched an ICO for its FSN token.
Now, after their successful crowdsale, FUSION has clearly attracted a significant amount of assets to its platform. You can view the press release announcing the $12.28 billion “deal’ here. However, take the dramatic press release announcement with a grain of salt: FUSION doesn’t appear to have actually signed any “commercial deal” for $12.28 billion, nor have they “shocked Wall Street” as claimed by the press release. It’s still a big deal to have $12.28 billion of assets secured on the FUSION blockchain, however, and the future looks bright for FUSION.