SHANGHAI, May 9, 2018 /PRNewswire/ -- The collaboration between the China Academy of Sciences (CAS) and blockchain project Formula in establishing a joint blockchain laboratory sent shockwaves throughout the industry on April 28. As the blockchain 3.0 era approaches, so does the national scientific research unit. This is indicative of the fact the Chinese science and technology community has formally devoted its power to this fin-tech industry and has recognized the strong asset trading and blockchain resource from FormulA project.
Max Liu was responsible for building the platform and is a reputable veteran to list company compliance monitoring business on the Shanghai Stock Exchange. He also boasts nearly 20 years of experience in capital markets. A tech guru in his own right, Liu revealed that members of the FormulA project team have opted to take a low profile and not embrace the limelight that others in their position might have, despite already handling in excess of RMB 30 billion in financing operations. He stressed that: "It is because of the exploration that FormulA has done over the past few years in the fields of financial investment, blockchain, and intelligence and financial technology. Moreover I believe the entire ecosystem it aims to build is viable and can remarkably increase liquidity and safety of assets whilst helping to solve the pain points of the industry."
Long before the FormulA project team became involved in blockchain, it consulted Max on the technical details of asset projects on several occasions. "If other teams say they are going to bring their assets on blockchain, the first thing I will do is to doubt. Nevertheless, if the FormulA team says the same thing, the only thing I would send is my best wishes," commented Liu as he discussed the involvement of the FormulA project in blockchain.
From his standpoint, the institutions the FormulA team has either established or cooperated with have already participated in private equity financing, old share transfer, and fund share transfers of over 50 renowned companies in the vicinity of billions of dollars. To note that this team has handled financing operations in excess of RMB 30 billion is not hyperbole. This includes financing the operations of reputable companies such as Ant Financial, Didi, Xiaomi Inc, and DJI
This may be the underlying reason CAS chose to extensively cooperate with FormulA project in building a blockchain laboratory. Should the mantra of the entire ecosystem of "bringing assets on blockchain" work effectively, it will not only yield more benefits for asset owners but also achieve effective social resource allocation. Accordingly, this will make the contribution of CAS significant and as the pinnacle of academia in the domain of sciences and technology in China, it will bring a swathe of experience and quality.
FormulA is a leading blockchain project aiming to build a reliable Internet of Asset (IoA) which can be deployed to register and exchange the value of real assets. Based on the "Decentralized Asset Protocol", FormulA provides a universal solution for asset digitalization and reforms the status quo of the entire asset market. We can also empower financial institutions to increase their efficiency while decreasing potential cost and risk.
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