What Is The OpenFinance Network?
This is a new blockchain technology that will help for trading real life assets on blockchain technology. The alternative assets are redefined and used to transform that trading, clearing and settlement process of the alt coins on a global scale.
The company is now accepting applications for a new security token as well, people who are interested can review the security listing framework on the website to see if a token is eligible.
How Does The OpenFinance Network Work?
The company will use a common protocol with a standardized data and asset operation. There is a new emergence of alt coins that are emerging everyday and they are shifting to a ledger-based book-entry procedure. There is a strong need for a standard token that can be used interchangeably with other altcoins.
The OpenFinance Network is designed to be used with traditional tokens and alt assets as well as securities based on tokens. It will give an ability for a streamlined and compliant procedure for issuance to the alternative market trading. And there is a direct integration with the different finances and institutions like brokers and dealers. After that, the custodians as well as agents who are responsible for transfer, will be able to provide a path to the largest crypto markets.
The investors will register with brokers and then submit info to be verified. Then a broker will verify the records and data the investors put in. The investor passport aspect of this is what will be used for the reference and recording of the data.
Investors can use the investor passport with another broker and not have to repeatedly input data that is sensitive. The new broker can easily verify any data that is secure. And that is basically how the OpenFinance Network operates.
What Is The ICO on Open Finance Network?
The new ICO starts in a little less than 48 days. There are whitepapers, lite paper and industrial proving methods as the differentiator within the company. The company is U.S. backed and founded by veterans in the industry.
Who Is Behind the Open Finance Network?
They work with a lending platform/house, custodians as well and agents who are specialized in cryptocurrency. There will also be custodians, transfer specialists and banks involved as well. The team has been working on exchanges, as technologists, security lawyers and veterans o trading since 2014. They are innovative, using alternative properties and creators of new technologies within the industry. The goal is to create a more effective, transparent, interoperative system for a marketplace that has been broken as of recent.
There is a massive team behind the platform, all with LinkedIn profiles. It’s one of the largest teams I’ve seen on a recent ICO, this could be a good sign as it typically takes a massive team to make a startup work.
OpenFinance Network OFN ICO Conclusion
There isn’t a lot of information on the ICO of the network. And its brand-new platform that is still in early development, so you may want to wait a while before investing into the company. They don’t seem to be doing much that isn’t already being done on other platforms who are already established with tokens that are trusted.