“Tokenization of assets is at its inflection point. With cryptocurrencies now worth over $700 billion, the digital economy is growing wildly, but there is a problem,” Jack Lu, Founder, Wanchain, said in a news release. “Digital assets are isolated in their respective blockchains. Wanchain is the first and only platform to unlock the real potential of global digital assets by placing them on a single blockchain. Mainnet is the fundamental first step towards the digital asset hub of tomorrow.”
Wanchain seeks to become the banking platform for all digital currency and plans to enable decentralized exchanges, lending platforms and asset management tools in one place.
The company plans to rollout more products to support additional public and private blockhains throughout this year and next.
Founder and CEO Lu’s previous venture was Austin-based Factom, a top 30 global cryptocurrency. “Registered in Singapore as a non-profit organization, the Wanchain Foundation was initially funded by Wanglu Tech, a for-profit enterprise with investors including River Capital and Fenbushi Capital,” according to a news release.