Alchemy Coin Enters Exchange Realm in DEPO Deal
New York, New York
September 7, 2018
Alchemy Coin is entering the cryptocurrency exchange world with a partnership deal announced today with the Depository Network. The deal gives Alchemy Coin, the growing peer-to-peer lender, a foothold into the critical world of exchange access and liquidity for digital assets and is a big win for the company, according to CEO Justin Jung.
“Tapping liquidity at the right time with the right partners is the key to staying in the game,” says Alchemy Coin CEO Justin Jung. “We’re very, very pleased with our newly-formed partnership with the good folks at Depository Network and look forward to a long-lasting, productive relationship with their entire team.”
“We are witnessing the beginning of blockchain digitalization of a huge number of assets from the traditional economy,” says Depository Network CEO Svetoslav Dimitrov. “In the near future, we believe many commercial assets and shares, and most corporate bonds, government securities and globally-traded derivatives will be digitized or tokenized — enabling anyone worldwide to access them. A natural question arises: how to enable the value of these digital assets and develop the necessary blockchain infrastructure for their use? Depository Network provides a vital element of this infrastructure: a safe, decentralized depository for collateral assets. In the digital world, this is just as critical as in the traditional world.”
Tokenization of assets from the real economy is a trend that is growing rapidly throughout the globe, and every CEO in the world must pay attention to the changes that are afoot, says Mr. Jung. Gold mines in Alaska, timber fields in Oregon, condominiums in Florida, natural gas basins in Texas, will all make their way to the blockchain in coming years for tokenization, and that is why Alchemy Coin sees a partnership with “DEPO” as a natural fit. “Our collateralized loans will be a natural fit on their platform someday, too. We’re looking ahead to the future — you have to.”
One hedge fund manager sees the tokenization trend as the Next Big Thing: “The beauty of this is that it is a global phenomenon that can create greater visibility and access to securities that transcend national boundaries, if they are offered within compliance of local jurisdictions,” says Vincent Molinari, CEO of Templum, a New York hedge fund.
“Tokenized assets are receiving widespread attention and we seed both the demand and adoption picking up globally,” Mr. Molinari adds. “The momentum has been built up on the first wave of crypto currencies, and we are now embarking on what we believe is a much bigger opportunity into digital assets that are securities worldwide.”
Mr. Dimitrov sees this as a wide-open space with, for now, only modest competition. “At present, there is no analogue of the proposed ecosystem, which we are going to build and on the basis of which hundreds or thousands of depositary platforms will be created. There are several peer-to-peer lending platforms which work and accept certain types of cryptocurrencies — usually Bitcoin & Ethereum — as collateral for loans. However, these platforms work either as a market place connecting lenders with borrowers (thus bearing the entire risk for KYC and personal identification), or as lenders who use their own funds to issue loans to the borrowers. Our model is vastly different in that we do not provide loans ourselves, but enable lenders, financial institutions, private companies, state agencies to integrate with Depository Network and use it to accept digital assets as collateral. This enables us to avoid the risk of keeping personal data or complying with the regulations of each state — the lenders are responsible for this part, we are solely providing them a customizable solution to broaden their loan portfolio. Overall, we aim at creating a stable blockchain environment, inclusive to any lender who would like to offer solutions for digital assets to its customers — not limited to any country, asset class or lender type.”
“It’s been an incredibly busy summer for Alchemy Coin,” says the CEO Mr. Jung. “But we’re not slowing down anytime soon. Whether it’s all are Wall St. hires, our Seattle office, our ICO in October, our blockchain team headed by a Goldman Sachs alum or our new partnership with Depository Network, we are not taking our eye off the ball. This DEPO deal puts us in the best position to win going forward.”
“We can’t do this by ourselves, and we know it,” adds Mr. Jung. “All along, we have made clear our intention to partner with leading exchanges who are pioneers in all spheres of finance and technology, and no one fits the bill quite like Depository Network. This is an important step in the future development of Alchemy Coin.”
Depository Network is the world`s first multi-platform network and enables lenders (P2P lending marketplaces, banks, other credit institutions) to accept digital assets as collateral. By building and spreading the DEPO multi-platform network globally, our aim is to reach a tipping point for mass adoption of using blockchain assets in traditional lending. Depository Network is a B2B project. The world’s first decentralized multi-platform collateral network combining traditional lending and blockchain technology with more than 50,000 banks, sub-prime lenders, consumer finance companies, crypto lenders and P2P lending platforms all over the world. Our goal is within 7 years to reach 5 % penetration in global lenders market.
Alchemy is a blockchain-based peer-to-peer (P2P) lending marketplace. The platform allows for instant and direct lending between supply-side lenders and demand-side borrowers from all over the world in a trusted manner using the advantages of smart contracts and blockchain technology. We offer a unique architecture to analyze and structure a credit risk-adjusted rate with the utilization of Artificial Intelligence and Machine Learning technologies. We aim to revolutionize the peer-to-peer lending market and serve as the leading infrastructure for credit providers and credit seekers. Alchemy will be the first peer-to-peer (P2P) lending platform that utilizes blockchain technology to reduce high credit risk and high default rate, while at the same time offering a risk-adjusted downside protection for capital commitment lenders. As Alchemy P2P credit products grow and the network expands, we aim to become the leading source of personal loan providers for individuals around the world.
For more information on Alchemy or to participate in the ICO check out: https://www.alchemycoin.io/