SwissBorg, a swiss fintech company is set to become the first of its kind by transforming into a cryptocurrency wealth management system. Asian investors gave a strong response to SwissBorg’s ICO (initial coin offering – a fundraising mechanism whereby start-ups issue digital “tokens” or “coins” to fund a blockchain-related project.) by purchasing nearly 30 percent to become members of the first blockchain-based wealth management community for cryptocurrencies, according to chief executive officer Cyrus Fazel.
Last month, the Lausanne-based fintech firm raised 50 million Swiss francs (US$54 million) through the ICO, which had over 20,000 subscribers, most notably Beijing’s Bitmain – one of the world’s largest manufacturer of processors used in Bitcoin mining process, and Warwyck Private Bank of Mauritius.
Contrary to fund managers who service High Networth Individuals to build their wealth, SwissBorg has incorporated Blockchain Technology to explicitly link the company with the token holders. He also stated that those who create good content and propose new, innovative ideas aimed towards benefitting the community, will be awarded tokens as per CEO Fazel.
All holders of SwissBorg Network Tokens, trading on HitBTC and LiveCoin exchanges on February 1, would be given voting power on proposed projects and the technical directions to influence the development of the firm.
SwissBorg is targeting 100,000 users by obtaining
1. Cryptocurrency license in Japan.
2. Fund Management license in Switzerland.
3. Banking license in Europe.
Among SwissBorg’s developments are plans to build a computer dashboard, a cryptocurrency exchange, and a robo-adviser platform for investment in other cryptocurrencies.
To overcome the issue of safely storing crypto assets, SwissBorg has partnered with BitGo, which provides users with a private, multi-signature wallet to hold their crypto assets. The decentralised nature of the blockchain guards it against malicious attacks as is the case with a centralised system.