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Cardano intends to launch new financial product with GenTwo AG

  • At the World Economic Forum in Davos, the Cardano Foundation was able to attract a new partner with the GenTwo AG.
  • The cooperation is intended to create the basic infrastructure, based entirely on Cardano, to launch a new financial product on the market.

At the World Economic Forum in Davos, Switzerland, decision-makers from around the world and CEOs of the most influential companies meet to discuss the development of money, business and industry of tomorrow. Charles Hoskinson, CEO of IOHK, also attends the event and will try to establish new partnerships and contacts. According to a video update from Chairman Nathan Kaiser, Cardano has succeeded in laying the foundation for a new project in the financial sector.

Cardano in first investor talks with GenTwo AG

Philippe Nägeli, CEO of GenTwo AG, will attend the event in Davos as a representative of the company. During the conference there were first intensive discussions between Cardano and the Swiss company about possible cooperation opportunities. According to Kaiser, the two companies were able to come closer together and define a common goal.

The aim is to develop a financial product in the security sector that is completely based on Cardano’s infrastructure. This should lay the cornerstone for the development, testing and market launch of further future financial products on the jointly created ecosystem. Kaiser further states:

Cardano has made a first step towards bringing an ada-denominated structured finance product. We had initial talks with gentwo on a potential securitization structure led to an initial commitment to set up a foundational infrastructure for potential future versions of ada-demoninated products.

There is much work left to do by all the parties, as we will witness gradual conversion oft he crypto and the finance worlds.

Although there are no further details of the upcoming cooperation yet, this partnership could lay the foundation for many more follow-up products. GenTwo AG offers its customers the possibility to securitize bankable and non-bankable assets with a Swiss ISIN and without issuer risk at a minimal price.

With its new approach, GenTwo AG wants to solve the problem with traditional financial products, namely that banking institutions act as issuers and often charge too high prices for consolidating the risks on their balance sheets in order to be able to implement regulatory requirements. GenTwo has taken up the cause of democratizing the issuance of financial products.

As soon as there is new information on the potential partnership, we will post it here.

Cardano sets ambitious goals for 2020

Most recently Cardano was able to attract the Georgian government as a new partner, which wants to make the blockchain the first country in Europe to use it in the public service. Cardano will also cooperate with the well-known company ScanTrust and the Berkman Klein Center. These new partner agreements were also concluded in Davos.

Cardano will also develop a decentralized software project with the European Union in cooperation with IBM Research. No further details are known as yet. It is only known that the project involves a multi-year collaboration. The partnership with the advertising agency McCann Dublin will be a landmark project. This agency is planning an aggressive marketing campaign for this year. Hoskinson explained:

This year in particular, we will be really tough on advertising. I have told my company that we are pursuing an initial Cardano-First strategy. […] We will be very aggressive in commercializing the technology when Shelley and Goguen are activated.

We will continue to report on the latest developments at Cardano. The price of Cardano (ADA) follows the current market trend and has fallen by 4.25% to a price of USD 0.0429 within the last 24 hours.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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