Chain Partners Officially Launches Digital Asset OTC Service
Partnered with top global OTC desks including Circle, a Goldman Sachs invested company Chain Partners Inc. ( http://chain.partners, CEO Charles Pyo) announced it is officially launching a digital asset OTC (Over-The-Counter) service February 11, after finishing a test period of five months. Chain Partners opened its OTC website (https://otc.chain.partners) on the 11th as well. Professional investors such as corporations, institutional investors, and high-net worth individuals are now able to make large buy or sell orders for digital assets (cryptocurrency), by trading through Chain Partners with minimum orders of USD 50,000. The OTC desk will also provide digital asset custody services backed by Chain Partners guaranteed deposits feature. Using the service requires submitting more than 10 kinds of documents, which allows more thorough verification than what is required for regular bank accounts. All trading records are strictly and securely maintained for KYC and AML purposes. Settlement can be made with Korean won (KRW), or with other digital assets such as BTC, ETH, XRP, EOS, and different fiat currencies such as USD and HKD. Chain Partners began preparing its digital asset OTC after incorporation in 2017, when it first noticed the trend in other international countries, where the digital asset industry focused on institutional investors rather than on retail investors. Because there was no reference company yet in Korea, Chain Partners launched a test service in August 2018 after forming a business alliance with global OTC desks, completing a legal review, developing a trading process, setting up documents, and acquiring initial liquidity. During the five month test period ending this January, Chain Partners OTC has steadily accumulated know-how while succeeding with transactions worth around USD 16 million in Korea. Last November, Chain Partners also acquired a Class 4 license, which is the highest digital asset license classification in the EU from member country Malta. This is significant because Chain Partners became the first Korean company to be able to legally deal with digital assets. The Malta parliament legalized the digital asset business by legislating the VFA (Virtual Financial Act) last August, a first of its kind in the world. Chain Partners has partnered with global major OTC desks Chain Partners OTC was recognized in Korea for providing the first fully compliant digital asset over the counter trading service, and trading between seven of the top global digital asset OTC desks began during the test period. Among the OTC desks is Circle, which Goldman Sachs invested in. In comparison, Circle recently announced that they handled USD 24 million of digital assets trading volume last year. Chain Partners OTC has also established a network with other global OTC desks such as US Cumberland, Galaxy Digital, HongKong OSL, Kenetic, FBG, Singapore QCP, and more, by which it is now possible to provide customers with the most competitive prices that cannot be found anywhere else in Korea. Moreover, they have widened the investment options for digital assets that are not yet available in Korea. Also, Chain Partners OTC follows all regulations common with the traditional finance industry for legal trading activities. With the goal of executing on only legitimate trades with clear records from each counterparty, the OTC desk aims to maintain the finance industry standard for KYC (Know Your Customer) and AML (Anti Money Laundering). In order to achieve this, Chain Partners OTC has formed a partnership with Argos, a KYC/AML specialized company. In addition, the Chain Partners OTC team is composed of only professionals from the traditional financial industry and those who have sales and settlement experience with institutions, thereby increasing trust from institutional investors. Chain Partners OTC has developed, in close cooperation with domestic and international law firms, a 10-document application process to bring a level of bank-grade verification to the industry. Jake Lee, Head of OTC, who worked previously as a FICC (Fixed Income, Currency, Commodity) trader at NH INVESTMENT & SECURITIES CO.,LTD., explained that “It is necessary to conduct trading with clear records in order for the protection of both buyers and sellers.” Adding: “Our motivation is to create a fully compliant digital asset OTC market.” Charles Pyo, the CEO of Chain Partners, said “Chain Partners’ goal is to create a fully compliant digital asset OTC trading environment, which has previously been a hotbed of money laundry and tax evasion. The goal is to construct a healthy digital asset ecosystem.” He added: “We will contribute a solid trading infrastructure that allows Korean institutions to deal with digital assets at the same quality as if abroad.” Meanwhile, the OTC trading desk provides buyers and sellers with a marketplace for agreed prices, not determined by the open market prices on exchanges. Unlike exchanges where the price changes in real time, with added liquidity risk from the trading volume, Chain Partners OTC trading makes it possible for institutions and high net worth individuals to trade at preferred, fixed, and negotiated prices. In a recently released report, Chain Partners proposed standards for evaluating trustworthy OTC desks based on the following criteria: whether KYC and AML rules are strictly adhered to; if there are guaranteed deposit and custody services; and if there are financial experts operating the OTC service. Chain Partners has estimated that the size of OTC trading market is around 25% of the entire digital asset trading volume, which is USD 40 billion per month worldwide. (E.O.D) Chain Partners OTC? Chain Partners OTC is the first fully compliant digital asset OTC Trading desk in Korea. The OTC desk established its network with the top seven global OTC desks including Cumberland, FBG, Galaxy Digital, Kenetic, OSL, and QCP. It officially launched trading services on February 11, 2019. Member application and trading inquiries are available at Chain Partners OTC website (https://otc.chain.partners).
Chain Partners Joins the Sovrin Foundation as a Founding Steward
Salt Lake City, Jan. 22, 2019 (GLOBE NEWSWIRE) — The Sovrin Foundation, the international nonprofit that administers the Sovrin Network, today announced it has welcomed Chain Partners, CynjaTech, NEC, and Tech Systems Limited as its newest Founding Stewards. These organizations are dedicated to enabling self-sovereign identity for all and join a diverse ecosystem of more than 60 organizations around the world that help support the operation of the Sovrin Network—a decentralized network allowing identity holders to personally manage their own digital identifications. “The number and variety of industries joining the Sovrin Network as Stewards, and their spread across the globe are increasing evidence of a global revolution in digital identity,” said Heather Dahl, Executive Director & CEO of the Sovrin Foundation. “We at the Foundation, believe in a world where self-sovereign identity is available to all, allowing people to own and control their identity in the same way they do offline. We are grateful for our Stewards that help make this mission possible as they continue to strengthen the security and reliability of the Sovrin Network.” Chain Partners is a global blockchain company builder in South Korea and the first Steward in the Korean peninsula. The organization’s primary business areas include cryptocurrency exchange, blockchain advisory, cryptocurrency payments, financial services, blockchain media, education, and research and development. Its expertise in blockchain-related technologies makes Chain Partners a valuable asset to the Sovrin community. “For the first time in history, every man, woman, and child (or organization) can have their very own self-sovereign digital identity,” said Richard Kim, Vice President of Chain Partners. “Chain Partners is honored to be selected as a Sovrin Steward, and our team aims to leverage our previous experiences in blockchain to bring sustainable, value-creating outcomes in the Sovrin ecosystem.” Chain Partners, CynjaTech, NEC, Tech Systems Limited, and all other Stewards have agreed to abide by the principles and requirements established in the Sovrin Governance Framework, the legal foundation of the Sovrin Network. ### ABOUT THE SOVRIN FOUNDATION The Sovrin Foundation is a nonprofit organization established to administer the Governance Framework governing the Sovrin Network, a decentralized global public network enabling self-sovereign identity on the internet. The Sovrin Network is an open source project operated by independent Stewards and uses the power of a distributed ledger to give every person, organization, and thing the ability to own and control their own permanent digital identity. Source : Global News wire
Decentraland announced strategic partnership with Chain Partners.
Chain Partners is excited to announce our strategic partnership with Decentraland. Under our partnership, we look forward to activating blockchain ecosystem and accelerating blockchain projects together. Tokenomia will support Decentraland’s ecosystem and developer communities. Decentraland is a decentralized virtual reality platform powered by the Ethereum blockchain. Within the Decentraland platform, users will be able to create, experience, and monetize their content and applications. They have an office in Sinsa which blockchain startups and developers can share. Tokenomia, Chain Partners’ advisory arm, provide services that encompass token economy and valuation, utility enhancement, and also include marketing strategies, exchange listings and more. Chain Partners strives to be a reliable partner with the projects which would like to expand their business to Korean market.
Polymath announces Chain Partners as key advisor solidifying Asia-Pacific expansion.
Chain Partners will provide advisory services to companies planning to launch compliant security token funded businesses in countries where they are are allowed by law. The company will provide comprehensive support surrounding security token offerings. Services will be conducted by advisors in compliant jurisdictions, while domestic legislation is proposed and enacted. Chain Partners’ research center recently projected that the security token market would accelerate in 2019 with the entry of institutional investors. Although it is not yet possible in Korea for firms to offer security tokens due to the current regulatory environment, security token offerings have already begun in countries where legislation on digital assets are advancing. Polymath is a leading security token platform that makes it easy to create security tokens while giving securities issuers the tools to maintain regulatory compliance. Five security token projects announced their intent to create security tokens using the Polymath platform, including real estate, intellectual property, and a tokenized venture fund, looking to raise around US $220 million. Richard Kim, Vice President of Chain Partners, stated, “Our vision is to construct a sound digital asset market while complying with regulations. Polymath supports Know Your Customer (KYC) and Anti Money Laundry (AML), and security tokens issued and distributed on their platform are distributed to accredited investors. They are a partner that reinforces trust and transparency for compliant tokenized securities offerings.” Trevor Koverko, CEO and co-founder of Polymath said, “Adding Chain Partners as an advisor on the Polymath platform shows our commitment to creating a truly global solution for securities issuers. We are excited that such a well respected company from the Asia-Pacific region is interested in offering their services to Polymath users, and we can’t wait for them to assist companies with the creation of security tokens and security token offerings.” About Chain Partners Chain Partners is a blockchain company builder founded in July 2017. The company has raised $14M in a Series A from Korean venture capital firms including DSC Investment, Capstone Partners, Premier Partners, and Smilegate Investment. Chain Partners’ holdings include crypto asset exchange ‘Daybit’; P2P crypto asset trading platform ‘Behind’; enterprise blockchain platform ‘Polaris’; EOS block producer and accelerator ‘EOSYS’; token generation event advisory ‘TOKENOMIA’; cryptocurrency research center ‘CP Research’ and Ethereum-based payment service ‘Coinduck’. Chain Partners has invested in blockchain startups including cryptocurrency wallet ‘NOVA’ and decentralized exchange ‘EOSDAQ.’ Chain Partners has 120 employees across global business units encompassing the United States, Singapore, Malta, and Seoul. Chain Partners holds a VFAA ‘Class 4’ license for virtual financial assets as stipulated by the laws of Malta. (https://chain.partners) Inquiries: Yeji Kim, PR manager at Chain Partners Inc., Communication team. email@example.com
“EOS Now Available As New Base Currency For Digital Asset Markets”
DAYBIT supports EOS as a base currency. DAYBIT (https://daybit.com/), a Korean crypto exchange owned and operated by Chain Partners (CEO, Charles Pyo), announced that it has begun supporting EOS as one of its base currencies at 10 AM on December 3, 2018. Bitcoin(BTC) and Ethereum(ETH) have been the predominant base currencies in the digital crypto markets. With the addition of EOS as a third base currency, DAYBIT provides EOS token holders with the option to convert their EOS tokens into other digital assets directly without having to convert to Bitcoin or Ethereum. Tokens from EOS-based DApps(Decentralized Applications) and side chains will be listed and traded on the newly launched digital asset marketplace. According to Blocktivity(https://blocktivity.info/), a blockchain activity tracker, EOS-based DApps generate the highest blockchain activity in the world. As of today, the EOS blockchain recorded over 44 million operations performed in the last 24 hours, surpassing WAX in second place by more than 9 times. On the other hand, Bitcoin and Ethereum recorded only 520,000 and 500,000, respectively, placing them in 7th and 8th place. DAYBIT will also list two new tokens on the crypto trading market: Boid, a distributed computing project which allows users to earn rewards by contributing computing resources; and Dabble, a social media platform where creators can earn rewards. Furthermore, the crypto market is planning to list dozens of tokens by the end of Q1 next year. By working together with EOSYS, an EOS-focused accelerator, DAYBIT will carefully select promising EOS-based tokens for listing on the new exchange. “Despite the large number of active users and the transaction volume on EOS DApps, there has not been an appropriate exchange where the tokens could be listed,” said Honguk Kim, manager at EOSYS. “Wider distribution of tokens for EOS DApps will support the overall growth and development of the EOS blockchain ecosystem,” he added. Charles Pyo, CEO of Chain Partners, expressed confidence that “The close cooperation between EOSYS, one of the founding block producers of the EOS Mainnet, and DAYBIT, a technology-driven digital asset exchange, will enable solid growth of the EOS ecosystem going forward.” Pyo added, “In order to bring more projects into the EOS ecosystem, we will support the entire process from issuance to distribution.” Looking ahead, DAYBIT will hold a variety of events to celebrate the launch of the trading marketplace. Users who deposit their EOS tokens on the exchange will receive an additional 3% bonus. The event will end after all 10,000 EOS tokens are rewarded. (E.O.D)