Funderbeam Partners With Blockchain Pioneer ChromaWay to Build the World's Startup Marketplace
TALLINN, ESTONIA, and STOCKHOLM, SWEDEN. August 25, 2015 - Funderbeam, the provider of data intelligence on startups, will be launching the world's first investment syndication and trading platform in a few months. It will bring liquidity to syndicated startup investments, using blockchain technology to verify and enforce trades. To do this, Funderbeam is announcing its collaboration with ChromaWay, creator of the world's first colored coins.
Funderbeam (http://funderbeam.com) aims to eliminate the last big anachronism in startup investing: the absence of a fast, transparent, and liquid secondary market. Its creation will eliminate several costly intermediaries, while including digital verification and regulatory compliance from the get-go. ChromaWay (http://chromaway.com) has an open-source protocol for colored coins that helps make this happen.
In May, ChromaWay partnered with LHV Bank to launch Cuber (http://www.cuber.ee/en_US/), an instant, secure, and free mobile-payment solution. This made LHV the first bank in the world to start an experiment with real programmable money and issue receivables in the form of colored coins.
"ChromaWay breathes technology that's been limited to cryptocurrencies, and is now making it serve a broader purpose," said Funderbeam founder and CEO Kaidi Ruusalepp. "Their technology expertise, flexibility, and knack for innovation play really well with our legal, regulatory, and financial know-how. Startup investments are usually locked up for years, and I can't wait to see them liberated in a global secondary market.”
“A startup marketplace was one of the first things I had in mind when I discovered the idea of using the Bitcoin blockchain for asset ownership tracking back in 2012," said ChromaWay CTO Alex Mizrahi. "No one else was coding it, so I finished the first colored coins prototype and started an open-source project. We understood that technology alone is not enough: connecting virtual tokens to real assets has a lot of subtleties. I’ve been waiting for a good partner and am excited to work with Funderbeam to bring our ideas to life."
When the Funderbeam marketplace launches, users will be able to easily create or join a syndicate (with other legal entities to follow). Members can then trade the syndicate’s digital tokens (colored coins), secured by the bitcoin blockchain. This creates an aftermarket that finally brings liquidity to startup investments worldwide.
"Using the blockchain adds a new level of trust and certainty," said Funderbeam's Kaidi Ruusalepp. "We won't need a business registry, central depository, or another formal authority to tell us that something is indeed something -- and not something else. With the blockchain, every investment, every ownership change has a secure, distributed audit trail."
We help angels and entrepreneurs discover, benchmark, and analyse startups at a low cost. Soon we'll launch the world's syndication platform and aftermarket for startup investments, lubricated by data and secured by the blockchain. Our mission is to make it easy to invest and trade in startups online so that great teams and investors everywhere can create a world where good ideas always win. Find us at http://funderbeam.com
We provide a complete open-source platform to financial institutions and enterprises, helping them realize blockchain visions. We pioneered the concept of Colored Coins in 2012. By partnering with LHV bank we were the first to launch an ambitious commercial venture that deploys euro tokens on Bitcoin. But being first is never our top priority. It is to be the best: open-source, thoughtful, and secure. In 2016 we will present our unique platform for smart contracts and derivatives, built by a team with a background in academic research on security and cryptocurrencies and the longest experience in our field.