2021-12-08
ZURICH, December 8, 2021 / PRNewswire / – Concordium and Verum Capital AG Collaborate to Launch the First Lab Focused on the Development of Decentralized Regulated Financial Products: the Concordium DeFi Lab. The laboratory will establish a funding vehicle and allocate to $ 100 million in CCD $ in the form of grants and investments within the framework of its community endowment program. The Concordium DeFi Lab offers everyone a unique opportunity to participate in the future of regulated decentralized finance.
Background of the Concordium DeFi Lab:
Over 30% of the financially included population are currently familiar with cryptocurrencies.
In the second quarter of 2021, it was estimated that there were over 300 million cryptocurrency users worldwide. Average crypto ownership rate by country is now 3.9% [1] and more than 18,000 businesses around the world now accept some form of cryptocurrency as a form of payment. Decentralized Finance (DeFi) represents the main opportunity for individual investors to use their cryptocurrency holdings for financial gain. In Q4 2021, the total value locked in the DeFi space is 195 billion dollars[2] .
There is no doubt that crypto is here to stay.
Despite the incredible growth and increasingly widespread use of cryptocurrency, its primary area of application, DeFi remains isolated from consumer protections. Regulators around the world are already catching up, struggling to apply supervision designed to improve traditional financial systems to this rapidly growing space. There are general concerns about how to regulate this space to further facilitate its growth. Concordium DeFi Lab intends to alleviate these concerns and promote DeFi products that can offer and even increase consumer protection ‘
The Concordium (Reg) DeFi laboratory:
Concordium Lab for DeFi Regulated Products will prove that the next generation of financial products, built on the back of decentralized networks, can ensure consumer protection and meet user needs
The Concordium (Reg) DeFi Lab will consist of three components.
1. Opinion leadership:
Stream 1 will consist of hands-on research to show how new features of smart contracts, embedded identifiers and cryptographic signatures can be created to meet compliance and regulatory needs. It will provide input to national and regional regulators as they seek to translate global guidelines into specific national legislation.
2. Proof of concept:
Stream 2 will focus on product development as a proof of concept. The proofs of concept will provide valuable precedents within the DeFi space that prove the ability of various protocols to enable regulatory compliance and oversight. This is where Concordium DeFi Labs will connect words to actions.
3. Commercially viable products:
Stream 3 will accelerate the development of incubated concepts such that they become commercially viable products with a clear roadmap and market launch strategy. The priority for all commercially viable products will be regulatory compatibility and minimized centralization.
The (Reg) DeFi Lab will move projects through these three streams to incubate and accelerate the most promising ideas in the DeFi space. Areas of particular interest to the lab include NFTs and new digital asset classes, Decentralized Autonomous Organizations (DAO), and Decentralized Exchanges (DEX). The laboratory, open to collaboration with any organization and any sector, has already received various flexible commitments from global actors in the public and private sectors.
According to Concordium CEO Lone Fønss Schrøder: “Concordium is the world’s first blockchain to have a built-in identity layer at the protocol level. As such, it is uniquely positioned to bolster regulatory-approved applications and solutions for corporate clients. Our particular interest in bridging the gap between the DeFi space and regulated financial solutions will meet in the (REG) DeFi Lab. With the support of Verum Capital, which has experience in carrying out projects with client companies from all sectors and in creating new solutions for the DeFi space, we are convinced that the laboratory will be a step towards a fully inclusive financial future. “
According to the CEO of Verum Capital, Matthias weissl: “Verum Capital has worked closely with Concordium since its inception. The network offers huge benefits for applications that require identity verification and KYC processes. In the DeFi space, we are seeing more and more legitimate protocols requiring it. Our business creation team is currently working with clients in the DeFi space and the traditional industry to bring the benefits of DeFi to their users. The DeFi Lab represents a unique moment in the evolution of the DeFi space, bringing together powerful technology, in-depth knowledge and experience, with strong teams who have strong ideas to drive adoption and make the space more accessible. “
A framework for project proposal and grant application will be made available in the near future. Concordium has allocated as much as $ 100 million Our commitment is the value of Concordium’s cryptocurrency, the CCD, to fund successful grant projects. It will also provide exclusive access to technology and resources.
Launch of (Reg) DeFi Lab:
Together, Concordium and Verum Capital will combine their cutting edge technology and extensive industry experience to launch the (Reg) DeFi Lab. The laboratory will be based at Zurich, Switzerland, a global funding center, and provide a full range of project support. Technology and legal resources will be strongly emphasized as projects continue the lab’s agenda to create regulated DeFi products.
About Concordium:
Concordium is the first unauthorized public blockchain with ID and true immutability with its instant protocol-level finalization providing unprecedented confidence for applications of any scale. It is a blockchain network with a smart contract layer, low and stable transaction costs based on FIAT denominated in Concordiums payment token, the CCD. in and with encrypted ID buffers to all transactions.
The advantages of the Concordium network include:
- Transactions on the Concordium Platform are finalized and immutable without depending on the creation of subsequent blocks. Its unique two-layered consensus doesn’t compromise speed for security or vice versa.
- A protocol-level identity layer provides transaction confidentiality and accountability to relevant regulators.
- Encrypted transfers are supported using a zero-knowledge proof mechanism that allows each party to validate transactions while maintaining the confidentiality we expect from financial transactions.
- The throughput of the blockchain can be extended by any number of fast and optimized shards in parallel. The partitioning protocol will also allow signaling between partitions and private partitions providing the reliability, privacy and speed we expect from existing financial systems.
- Stable and low Euro transaction fees paid in CCD $ are essential to support business applications with cost predictability.
- Proof of Stake (PoS) mechanism to ensure a green and resource efficient operation that provides the expected enhanced network security needed to meet the requirements (for example) of the European Green Deal for the financial sector.
About Verum Capital:
Verum Capital AG is a leading blockchain venture capital creation store based in Zurich, Switzerland. Founded in 2018, the company has built and managed landmark strategic projects that use blockchain to deliver tangible benefits to organizations and create valuable new business opportunities. Their team includes experts in technology, financial services, regulation and operations who advise and co-undertake blockchain products for businesses and institutional clients with a hands-on approach. Verum Capital is focused on enabling the immediate benefits of distributed ledger technology, through automation and optimization, while helping clients position themselves as long-term industry leaders. As a result, they are highly exposed to blockchain applications and implementations across all industries. They are experienced in decentralized finance, digital blockchain strategy development, education and workshops, asset tokenization, token economy design, financial products, due diligence, as well as regulation and product development.
More information:
For more information on the (Reg) DeFi Lab, please visit: www.concordium.com
Contact information:
Concorde
Banhofstrasse 20, 6300 Zug, Switzerland
contact@concordium.com
Verum Capital SA
Rue Renn 57, 8001 Zurich, Switzerland
info@verum.capital
Contact:
Maria Amalia Rojas, Concorde
+45 42958375
[1] https://finance.yahoo.com/news/countries-using-cryptocurrency-most-210011742.html#:~:text=Cryptocurrency%20and%20blockchain%20technology%20company,form%20of%20cryptocurrency%20as%20payment.
[2] www.defillama.com
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