Crowd Genie Opens India Office, Will Build Asia-Pacific Asset Exchange

   2018-04-29 00:04


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Crowd Genie, looking to establish a blockchain based Asia-Pacific asset exchange, recently opened an office in Bangalore, India and named Kunwar Singh as its CTO. The company, having completed its CGCOIN token sale in March, will focus on understanding the regulatory requirements to move India based assets onto its exchange.

Crowd Genie also plans to expand its asset exchange to Australia and New Zealand over the next year.

The Genie Asset Exchange, unlike other cryptocurrency exchanges, will tokenize real-world assets, such as business loans, invoices, plants and machinery, and make them tradeable on its exchange using CGC tokens.

Crowd Genie aims to build a Pan-Asia hub built on smart contracts to make the flow of funds from lenders to borrowers more efficient and cheaper.

Key Advantages

Some of the key advantages of Crowd Genie’s “token based lending” include the following:

1. Auditable digital identity that passes regulatory compliance tests. Crowd Genie will build a “digital passport” that has verified information for each individual and asset. This passport will be the gateway into the platform.

Over time, with the anticipated and welcomed regulatory oversight of the blockchain industry, regulators will expect the same due diligence from the blockchain industry as with traditional financial institutions, such as KYC, AML/CFT, privacy, cyber security and accreditation status.

2. Fractionalize any asset. A critical precursor to enabling widespread, affordable trading is to fractionalize assets into smaller pieces that allow individuals to manage their risk and diversify. Such fractionalization will be enabled by ERC-20 tokens on the blockchain, tokens that can be traded on the asset exchange.

Blockchain and smart contracts could enable the tokenization of assets such as fleet of cars, plant and machinery, or even commodities.

3. Build an Asia-wide exchange. Once participants have digital passports and assets are tradable through tokens, Crowd Genie will provide an exchange where any asset can be traded at a fraction of the cost, from any country throughout the region. Similarly, borrowers can be from any country once their due diligence is complete and their digital passports are established.

New CTO Brings Extensive Experience

Kunwar Singh, the new CTO, brings more than 20 years of experience, having developed platforms across a range of industries from telecom to healthcare.

He has worked with companies like Infosys and Nokia Siemens, having helped conceptualize and build cloud-based applications. He most recently worked with Moxie Labs in India, where he spearheaded the move to incorporate health records of patients on the blockchain, providing the foundation of a blockchain based physician and patient management system. Singh is an alumnus of the Indian Institute of Technology (IIT) and holds a Master’s degree in business administration from the Indian Institute of Management (IIM).

Token Already Traded

The CGCOIN is presently traded (Symbol: CGC) on the HitBTC and Cobinhood exchanges.

The Crowd Genie platform is already actively providing capital investment to small and medium enterprises that often find it difficult or impossible to acquire the initial investments they require, due to a lack of established background or viable assets to borrow against.

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