FQX Aids Funding of Promissory Notes Using Swisscom Blockchain
Tech firm FQX facilitates offering electronic promissory notes or eNotes via blockchain platform. The company revealed that it handled $500,000 funding for an undisclosed Swiss commodity trader in two slabs.
The solution utilizes the Swiss Trust Chain, the blockchain framework built in cooperation between Swisscom and Swiss Post. Switzerland is one of the top world centre for commodities trading.
The amount raised from the transactions is utilized for two shipments of metals across the Atlantic. Rather than a bank, the eNotes were funded by a private investment company.
Notably, Triterras has turned out to be a Nasdaq listed unicorn on the basis of tracking trade worth billions of dollars, in addition to trade funding offered by non-banking institutions.
Regarding the benefits of digital promissory notes, Frank Wendt, FQX CEO, said “Electronic promissory notes make liquidity available where it is needed for businesses, while also offering attractive investment opportunities for financial institutions. Each eNote issued via FQX is assigned an ISIN number, making it easily transferable to other investors.”
Digital signatures are utilized to issue and move eNotes in a safe manner. The company’s associate ARVIEM provides another level of dependability and risk negation through the use of sensors to monitor the shipments. It also tracks door openings, container jolts and temperature variations.
Swisscom offers the framework to several Swiss banks. Nevertheless, FQX points to the Swiss Trust Chain as “banking grade DLT” based on Hyperledger Fabric.
Swiss Post and Swisscom initially rolled out plans for the Swiss Trust Chain nearly two years back. Swisscom developed an environment based on digital assets by taking stakes in multiple startups.
These include digital asset custody companies Metaco and Custodigit, digital bank Sygnum and daura, the SME share registry and tokenization firm in which Swiss stock Exchange SIX is also a stake holder. Furthermore, Sygnum has also invested in several environmentally friendly firms.