Blockchain Startup FQX Appoints Skilled Company Finance Skilled James Courtenay to its Board

Blockchain startup FQX shall be increasing its board with an skilled company finance skilled.

The Zurich-headquartered Fintech agency shall be appointing James Courtenay to its board. Courtenay beforehand served as head of worldwide corporates at Normal Chartered’s funding financial institution.

Primarily based in Singapore, Courtenay has additionally labored for ABN Amro because the establishment’s head of high-yield and leveraged finance and in senior administration roles for Canadian Imperial Financial institution of Commerce in Europe.

FQX is targeted on enabling the switch of funds by means of digital promissory notes on blockchain or distributed ledger know-how (DLT) networks. The corporate has additionally teamed up with Switzerland’s telecommunications agency Swisscom and crypto-focused financial institution Sygnum.

Final yr, FQX confirmed that it had processed two additional financings for an unnamed Switzerland-based commodity dealer (transaction was valued at $500,000). The corporate’s resolution used the Swiss Belief Chain, which is the blockchain infrastructure carried out by Swisscom and the Swiss Submit.

Notably, Switzerland has one of many world’s largest commodities buying and selling markets.

These transactions had been used to finance two worldwide shipments of metals. As a substitute of going by means of a conventional financial institution, the funding for the digital promissory notes was offered by a non-public funding firm.

Frank Wendt, CEO at FQX, had defined (final yr):

“Digital promissory notes make liquidity obtainable the place it’s wanted for companies, whereas additionally providing engaging funding alternatives for monetary establishments. Every eNote issued by way of FQX is assigned an ISIN quantity, making it simply transferable to different buyers.” 

As famous by its administration, FQX gives “a safe, environment friendly and compliant infrastructure for the issuance and switch of digital negotiable devices (eNI).” The corporate’s platform “combines extremely confirmed devices with most up-to-date laws.” FQX allows the standardized and “globally scalable switch of unconditional guarantees to pay, radically facilitating provide chain and company finance.”

FQX is a associate of Swisscom for using Certified Digital Signatures. All eNI are “saved on the Consensus-as-a-Service banking infrastructure of Swisscom and Swiss Submit.”

As defined on FQX’s official web site, complicated conventional financing processes usually “hinder firms of their development.” These boundaries have resulted in a world commerce finance hole of greater than $2 trillion.

Digital promissory notes supply “a treatment,” the corporate claims.  Promissory notes are “a widespread conventional monetary instrument that allow firms and people to acquire finance on the premise of an unconditional promise to pay.”

FQX’s administration additional famous:

“In digital kind, as eNotes, they provide unprecedented flexibility and effectivity in commerce and company finance. By storing the eNote on the Swiss Belief Chain of Swisscom and Swiss Submit, transactions are absolutely digital and fraud danger is minimized. Liquidity flows on to the businesses that want financing with out the necessity to contain different intermediaries.”