Open Source Luminary Marc Fleury Enters Crypto Arena with Announcement of New Crypto Asset Class and Continuous Token Offering Sale

ADVERTISEMENTSBlockchain Expo Global 2020
Evident
Tymlez

Share with:


Dr. Marc Fleury Ph.D. a well known open-source guru and founder of JBoss (acquired by Redhat for $420 million in 2006) has announced the launch of Two Prime, a fintech firm that focuses on the financial applications of crypto to the real economy. Atomic Capital founder Alexander S. Blum will be acting COO and Fleury will helm the project as CEO. They plan to  introduce what they say is a new breed of cryptocurrency with safeguard mechanisms that use real assets.

In a press release, Fleury said:

“It’s been 11 years since Satoshi Nakamoto published the now infamous Bitcoin Whitepaper. Despite its debut as an alternative financial architecture in reaction to the financial crisis, crypto has yet to reach its full potential as a viable asset. The industry has largely been focused on finding blockchain’s ‘killer app,’ which has not been fruitful thus far and largely ignores Bitcoin’s original thesis — financial applications. In order for the industry to mature and evolve, we must refocus on finance and take a look at where crypto has succeeded. Specifically, crypto has succeeded 1) as a store of value; 2) in rapid fund formation, as demonstrated during the ICO boom; and 3) in the prevalent use of asset-backed tokens in the markets. By bridging the best practices of traditional finance and crypto, our aim is to create a new asset class by applying traditional financial models and theories to crypto and bringing trust and professionalism to the industry.”

Based in Hong Kong, the company is offering a Continuous Token Offering (CTO) in order to build funds raised to help make crypto a proper new asset class that appeals more to the financial world.

“One of the greatest successes of cryptocurrencies is in rapid fund formation, as demonstrated during the ICO boom,” said Alexander S. Blum. “In 2017, seed funding for startups via tokens offerings on exchanges overtook private equity. As VCs generally shun the seed stage, it filled a niche that traditional financial players left unaddressed. In stark contrast with VC or PE structures that lock up limited partners to their investments for years, the ICOs provided a liquid instrument for purchasers. Unfortunately, in a classic case of misallocation, many ICOs in 2017 wasted their proceeds on useless tech, lavish parties, and illicit activities. With the CTO, Two Prime aims to bring traditional asset allocation to crypto in order to reignite rapid fund formation, restore the industry’s reputation, and professionalize the crypto markets.”

According to a report by David Pan at Coindesk, Two Prime intends to release an initial five million tokens (just five percent of the 100 million to be created in total) onto the secondary markets, with the rest being released over the next 10 years which mirrors the approach taken by Ripple and its XRP sales and more resembles equity fundraising.

Two Prime’s FF Accretive Token (FF1) will initially to be traded on Japan-based crypto exchange Liquid in late February, starting at $3 per token.

Calling it a new breed of token on their website, they add that the FF Accretive Token (FF Token) is part Store of Value and part Asset-Backed token and employee a model that leverages the fund formation dynamics of crypto exchanges via the Continuous Token Offering.

“A Continuous Token Offering enables a listing to fund itself over time while showing real progress to the markets, converting the atom bomb of ICOs into a controlled and sustainable nuclear reactor.”

CEO Fleury has apparently committed $2 million of his personal wealth to the fund and also revealed to CoinDesk the first outside investor in its token is Hong Kong-based private equity firm SIB Investment Ltd.

The press release also noted that the FF Accretive Token will de-risk digital assets through the traditional model through making carefully calculated capital allocations, and improving fund’s performance by investing in real-world projects, including BabelFinance, one of the world’s largest commercial crypto finance institutions, and leading crypto investment fund NGC Ventures. Two Prime is registered in Hong Kong and FF Accretive Token represents a new asset class. The token is anticipated to be listed in Q1 2020 on Liquid, a cryptocurrency exchange with more than US$50 billion in transactions, and will have a securitized offering in the U.S.

Share with:


About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ citiies. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe.  In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles

Also published on Medium.

advertisements
Blockchain Partners

Token Agency
global
Tymlez
Blockchain Expo Global 2020
Ammbr Blockchain Technology