Seven Stars Cloud (SSC) Blockchain Firm Partners With CVCRI For Tokenized Assets Expansion
A global fintech company focused on blockchain digital asset management and powered by artificial intelligence (AI), Seven Stars Cloud, Inc. (SSC), has partnered with the China Venture Capital Research Institute (CVCRI). The partnership will help SSC expand its asset scanning services.
According to a press release released on July the 23th, the new partnership will enable SSC to create an ecosystem of digital assets that supports the following services:
- Distribution Services
- Trading through banks
- Security Broker Dealer Networks (China)
- Ability to expand sales and trade worldwide
CVCRI's strong relationships with Chinese authorities and regulators will facilitate the fractionalization and securitization of a new set of fixed income asset classes. That will be traded on exchanges designated by the Chinese government.
SSC will also symbolically account for asset classes already issued, such as Real Estate Investment Trusts (REITs) and Asset-backed Securities (ABS). Which can be traded on regulated digital asset exchanges around the world.
So this agreement could potentially unblock illiquid portions of investment funds in China. Reportedly, it reached 73,854 funds with total Assets Under Management (AUM) of $1.88 trillion dollars as of June 2018.
A blockchain-enabled security token issuance and secondary trading technology platform called Velocity Ledger will be used to create a new set of investment products.
The announcement made in July the 13th is so far the latest in what appears to be a set of rapidly accelerating initiatives to integrate blockchain technology throughout China's financial sector.
With President Xi Jinping's official endorsement to the blockchain industry, which has been shown in the second quarter of this year, the deputy director of China's IT ministry has recently advocated a nationwide adoption of blockchain in all areas of China's economy and society.
For its part, China also announced this month that it will lead a major international research group on the standardization of blockchain technology and the Internet of Things (IoT).
Also, on July the 23rd, the Nanjing city government launched a 10 billion yuan ($1.48 billion dollars) investment fund to promote the development of the token economy and blockchain public projects.
China has also developed a cryptocurrency ranking that takes into account different aspects of virtual currencies. Some of the most important currencies mentioned by this report were Lisk, Ethereum, NEO and Steem.