The board of directors is Keon Foundation Ltd, which acts as a virtual asset service provider (VASP) for the Keon Finance Ecosystem (“Keon”). (“The Foundation”) has announced that it has decided to partner with Algorand as Layer 1. Blockchain.
The Foundation’s first focus is on the development of KeonX, a licensed decentralized exchange designed as one of the lowest cost DEX available, and investor exploring investment strategies while remaining in perfect condition. And the introduction of KeonFi, a market where you can subscribe. Storage of their assets. Derivatives DEX (KeonXD), IDO LaunchPad, Farm Auctions, and Keon NFT Marketplace are one of the Phase 2 products that form the broader Keon Finance ecosystem, all leveraging the Algorand blockchain. The Foundation plans to apply for a digital asset business license in Bermuda once the protocol has been established. This gives users access to Keon’s regulated products and services.
“It was imperative for us to choose Layer 1 of institutional quality. Because Keon is designed as a regulated VASP, digital asset issuance and transactions in the Keon ecosystem are ecosystem users. We needed a secure, scalable and flexible blockchain to be able to comply with the securities laws of our jurisdiction. “ Lawrence Newhook, a board member and member of the Foundation, explained.
Kunall Parmar, Foundation’s Chief Technology Officer, said: “We evaluated many other chains, but none compared to Algorand. Given the complexity and ambitious plans for growth of the Keon ecosystem, they offer the best technology. I understand. “ Palmer continued “Algorand’s ASA token standard and its programming infrastructure are more robust, functional, flexible and secure than other Level 1 blockchains, which is a huge advantage in regulated areas. , Algorand’s downtime was 0%. That level of credibility is essential if you want your institution to participate. “
The Foundation expects KEON tokens and smart contracts to be completed by the beginning of the third quarter of 2022.
“We are excited to welcome the Keon Foundation to the growing Algorand ecosystem.” Keri Callahan, head of marketing at Algorand, said. “It’s great to see yet another organization that leverages best-in-class technology to accelerate tokenized asset management at the organizational level.”
Rahul Parmar, Director of the Foundation, added: “We are pleased to announce Keon’s suite of products on the Algorand blockchain. Algorand acts as a fast and scalable layer of the ecosystem, allowing its users to conveniently integrate into a single ecosystem. You can benefit from a series of DeFi products. “ Palmer continued, “This is just the beginning. Early products and investment strategies focus on digital assets, but applying the underlying DeFi and blockchain technology to traditional assets and introducing them into the Algorand blockchain. KeonFi enables unmanaged management of investment strategies consisting of tokenized stocks, bonds, or commodities and can create virtual funds for tokenized real-world assets. This is the most exciting thing for us as it is the next phase. In asset management. “ Mr. Palmer insisted.
About Keon Foundation Ltd.
The Keon Foundation is organized as a warranty-limited, non-profit Bermuda exemption company that develops software and acts as a virtual asset service provider for the Keon Finance Ecosystem. The team includes talent from leading companies across the investment industry, such as Goldman Sachs and Point72 Asset Management. The company was founded in 2022 and is headquartered in Bermuda. The Foundation has not yet conducted “Digital Asset Business Activities”. Such terms are defined under Bermuda’s Digital Asset Business Act 2018 (“DABA”) and must be licensed under DABA. Therefore, the Foundation has not yet applied and is not licensed under DABA.
About Algorand
Algorand is transforming all kinds of economic models and economies. Founded by Turing Award-winning cryptographer Sylbio Mikari, Algorand’s high-performance Layer 1 blockchain is unmatched in providing users around the world with comprehensive, fast, friction-free technology. Algorand is restructuring multiple industries, from TradeFi and DeFi to the new creator economy. With interoperability and a consistent delivery commitment, Algorand’s sustainable technology enhances everyone’s participation, transparency and efficiency. As the technology of choice for over 2,000 global organizations, the Algorand ecosystem is transforming the exchange of next-generation financial products, protocols, and values.
Photo by Kyle Martin of Unsplash
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