FIC Network to Launch a Token for Fixed Income Markets
Armed with the support from industry leading accelerators, prominent venture capitalists, angel investors and advisors, FIC Network (formerly Factury) is set to launch a token to power the fixed income market for cryptocurrency and financial instruments denominated in traditional currencies.
After a road show targeting high net worth investors across Asia and Europe, the FIC team has received more than 200 applications for the pre-sale. FIC Network will begin accepting pre-sale funds in the week of January 15, 2018.
The minimum ticket size during the pre-sale is $10,000.
The public token sale is planned for March 25, 2018. Add to your Google Calendar.
To learn more about the sale structure, bonuses, timeline and “anti-dump” measures, see our Token Sale Mechanics story.
About FIC Network
FIC Network is a blockchain-based, end-to-end, decentralised fixed income assets network that will enable the listing, exchange, securitization, and redemption of fixed income financial instruments. FIC Network is an asset-agnostic, multi-currency distributed ledger with rules and applications specific to the fixed income industry. The technology is scalable to the global fixed income and debt markets, which exceed US$230 trillion.
FIC Network will allow companies to raise funding by issuing bonds denominated in crypto or fiat. Lenders will be able to securitize and sell their loan portfolios to credit funds. Investment banks will be able to create and manage structured finance products such as asset-backed securities (ABS), CMBS, RMBS, and CLOs in a secure and transparent way.
The Network will also introduce risk hedging instruments like credit default swaps (CDS), options, and futures.
The Network, powered by FIC Token, will operate similarly to existing traditional systems, but with improved speed, asset liquidity and security, as well as reduction of costs, operational friction, and risks, all with granular auditability and transparency.
Merging the Crypto and Fiat Markets Within One Seamless Network
There are thousands of cryptocurrencies and tokens with a combined market cap exceeding US$700 billion that operate in a similar fashion to stocks and currencies. However, there is no fixed income offering. In order to profit, cryptocurrency investors need to either trade actively or hold assets with the hope of their appreciating in value.
As the cryptocurrencies market matures, on one side, companies will be able to raise funding via crypto bonds, and on the other side, investors, mining companies, and asset managers will be able to deploy their cryptocurrencies into interest-generating financial products.
Traditional and crypto lenders will be able to list and sell their loan portfolios into primary and secondary loan markets. Investment banks will be able to create and manage structured finance products directly on the FIC distributed ledger.
The multi-currency distributed ledger and built-in currency exchange will allow the participants to use, list, buy, and sell financial instruments in their preferred currency — crypto or fiat. Furthermore, the ledger provides the means to buy assets denominated in other currencies without holding that particular currency at any moment, thus eliminating exposure to exchange rate risk and simplifying accounting.
The fixed income market is the missing aspect to sustainably drive the crypto market into mainstream usage. This year, FIC Network will launch eDepository, a production-level distributed application (dApp), for lenders and credit investors to list and trade loans on the primary and secondary loan markets.
About the Company
FIC Network was formed in 2016, when the team was selected as a top 10 team worldwide into Startupbootcamp FinTech New York City’s acceleration program. During its 6 months time in Silicon Valley, the company attracted funds from Boost VC, the leading blockchain accelerator, Bialla Venture Partners, NewBlock Capital, and a number of FinTech angel investors.
