Not just bitcoin, here are four blockchain applications to fintech
“Usually we associate the blockchain with virtual currency or only with bitcoin. But this is just one of its countless applications in fintech, where blockchain can be used in payments management, payments reconciliation, support for currency and securities exchanges (STO), data management, identity and financial documents in general etc. ". So Fabio Allegreni, secretary of Assofintech and CEO of EdiBeez (editor of this magazine and CrowdfundingBuzz), opened the "Fintech & Blockchain Workshop: the concrete cases", organized by Italia4Blockchain, Assofintech and Innexta - Chamber of Commerce of Milan, on May 26 , Monza Brianza and Lodi as part of the online edition of Milan Digital Week, which will close on May 30th. During the workshop, four concrete examples of application of the blockchain to the fintech sector outside of bitcoin were presented: Italian Wonders, EasyFintech, Young Platform and Eterna Capital.
Italian Wonders was created by Jacopo Sesana, business development manager of BlockchainItalia.io, following the awareness of the liquidity crisis that would have swept the art and tourism sectors due to the coronavirus emergency. So Sesana decided to make his contribution, launching a fundraiser using tokens, thus bringing tokenomics into the art world. He created a market in which non-fungible tokens (similar to digital stamps) are traded, representing the most iconic Italian beauties. The proceeds from the sale of the tokens are redistributed on the basis of the icon on the token itself. "We chose the blockchain for internationalization, given that the project was developed on the international computer protocols Ethereum and Algorand, in order to find international supporters of our country, highly appreciated abroad for its artistic and cultural heritage. Non-fungible tokens guarantee cyber security, ensured by a higher system, so the investor can trust Italian Wonders. This initiative also wants to act as a benchmark to make it clear how easy it is to tokenize an asset to make it more liquid, "explained Sesana. Who does not intend to stop here: “The online platform constitutes phase 1 of the project. Phase 2, which we are already working on, consists in creating a platform that allows museums and theaters to provide tokens to carry out fundraisers. It is a new initiative for Italy, but similar projects abroad already exist. "
EasyFintech is a facilitator of fintech, that is, it facilitates its development through its software solutions for banks (PEF, acronym for Electronic Credit Practice and PefTech, acronym for Electronic Credit Practice Fintech); and for audit and consultancy activities (Crisis Alert). The PefTech software allows to take charge of the customer's request until the decision on whether or not to grant the credit line. The blockchain enables services in the Pef and PefTech. In the case of Pef, blockhain performs the notarization function of documents, while in PefTech the process is valid. "The blockchain has a positive impact on the credit market: it increases the speed, efficiency and accuracy of procedures, makes validation processes cheaper for the customer and certifies the documentation, for the benefit of the financial intermediary", he explained Marcello Negri, president of EasyFintech
Young Platform was born in late 2017 to make cryptocurrencies accessible to all. The startup created a proprietary token based on the Ethereum blockchain and then a community through gamification with Stepdrop, which allowed you to convert your day's steps into tokens. Stepdrop has 40 thousand users per month. At the end of 2019 Young launched the exchange Young Platform, which is a platform where cryptocurrencies can be bought and sold in euros. "The creation of Stepdrop was important to create a community, which we then brought to Young Platform with funnel marketing," said Diego D’Aquilio, Young's CEO. Now Stepdrop is moving now from the concept of earning by walking to earning by learning: users through Young's academy can learn about cryptocurrencies and blockchains to earn by answering quizzes connected to the academy. "This year we will launch Young Platform Pro, an advanced exchange for expert traders who want to buy and sell cryptocurrencies," said D’Aquilio. Young has just opened a round of financing, based on a valuation of 10 million euros. This is the second capital increase after the pre-seed one previously collected among entrepreneurs from the Alba area, in Piedmont, and after the 750 thousand euros raised with an equity crowdfunding campaign on the British Seedrs platform last June, based on an evaluation of 8.5 million euros.
Eterna Capital is a fund specializing in blockchain investments, founded in London in spring 2018 by the Italian Andrea Bonaceto (co-founder of HiredGrad, staff recruitment platform supported by the Imperial College Incubator) and by three young former BlackRock analysts: Nassim Olive, Asim Ahmad and Mattia Mrvosevic. The four have launched a $ 20 million venture capital fund that invests in blockchain projects and is in the top-3 of the funds that invest in this sector. Usually he works as a follower investor, so he co-operates with a lead investor. London venture capital launched Eterna Borderless Venture Studio together with Algorand and the Borderless Capital ecosystem fund (formerly Algo Capital) in April, which invests in companies that use Algorand technologies (see other BeBeez article). "Eternal Borderless Venture Studio is an accelerator of startups that employ Algorand technologies to which they offer mentoring, investments and support in business development," said Bonaceto. He anticipated: "We are currently launching a second fund, which we will close by the end of the year."