Longfin Corp. Launches Commercial Ziddu Smart Contracts on Ethereum Blockchain
January 22 2018 - 8:30AM
Longfin Corp. (“Longfin” or the “Company”) (NASDAQ: LFIN), a
leading global FinTech company, has announced that its Ziddu Smart
Contracts are commercially available on the Ethereum blockchain.
Ziddu.com is an ERC 20
Ethereum-Blockchain-empowered Smart Contract provider, and it is
currently the only marketplace for decentralized smart contracts.
The Ziddu Ethereum ERC20 Blockchain Token implements a technology
stack in which Smart Contracts run in distributed virtual machines,
running on a Consensus Settlement Algorithm (CSA). There is public
availability for the view of the open ledger, decentralized
verification, transparent execution, and the result of contract
execution.
Ziddu Smart Contracts are currently available
for Trade Finance and FX markets, and Longfin is preparing to
launch Smart Contracts for bullion financing within the second
quarter of 2018. There are subsequent plans to make the Contracts
available for peer-to-peer lending, warehouse financing, structured
products, and FX/OTC derivative segments.
“It will take some time for the technology to
develop to maturity and for the market to shake-out. In the
meantime, Longfin has developed a high degree of interest and
effort into the development of Smart Contracts. We see them as a
critical component in distributed ledgers for pre-&-post
settlements, and there is an opportunity in creating a ripe
scenario for disruption.” Says Venkat Meenavalli, Chairman of
Longfin Corp.
As of January 19, 2018, ten Smart Contracts have
been executed, accumulating a total notional value of USD
9,475,000.
Smart Contracts run on the Ethereum Blockchain
distributed virtual machines as a way of providing alternative
financing solutions to OTC FX Derivatives (a $5 trillion industry)
with real-time settlements, circumventing the need for a middleman
or underwriter.
Warehouse and International Trade Finance is
currently a $16 trillion industry. Smart Contracts could
theoretically eliminate traditional banks from the equation of
International trade, and funds may be released in real-time upon
the fulfillment of Bill of Lading, Origination Certificates,
Insurance and Delivery of Logistic Systems.
Bullion finance is a USD $5.4 trillion industry
(generating approximately USD $21.6 billion a day) where there are
real-time settlements between Miners, Refiners and Traders. The
peer-to-peer lending market is estimated to reach around $225
billion by 2020, and is of key importance to companies today. The
fixed-income securities market accounts for about 43% of the total
US bond market, with an approximate value of $15 trillion. The
current notional value of outstanding OTC derivative contracts
amounts to over $542 trillion, and the $5 trillion-a-day forex
market is widely used by corporations.
Longfin sees colossal market opportunity and is
pleased with the progress it has made so far.
For more information please visit
www.ziddu.com
Safe Harbor Statement
Certain information in this communicative
statement contains “forward-looking statements” about the Company,
as defined within the Private Securities Litigation Reform Act of
1995 or under Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (collectively, “forward-looking statements”); these may not
be based on historical fact, but instead relate to future events.
Forward-looking statements are generally identified by words such
as “projects,” “may,” “will,” “could,” “would,” “should,”
“believes,” “expects,” “anticipates,” “estimates,” “intends,”
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statements include, without limitation, statements regarding new
and existing services, technologies and opportunities, statements
regarding market and industry segment growth and demand and
acceptance of new and existing services, any projections of sales,
earnings, revenue, margins or other financial items, any statements
of the plans, strategies and objectives of management for future
operations, any statements regarding future economic conditions,
regulatory environment or performance, any statements of belief or
intention, and any statements or assumptions underlying any of the
foregoing. Risk factors and other material information concerning
the Company are described in the Registration statement post
qualification Offering Circular (Amendment No. 9) filed with the
SEC on November 3, 2017 and other Company filings, including
subsequent current and periodic reports, information statements and
registration statements filed with the SEC. You are cautioned to
review such reports and other filings at www.sec.gov. Given these
risks, uncertainties and factors, you are cautioned not to place
undue reliance on such forward-looking statements and information,
which are qualified in their entirety by this cautionary statement.
All forward-looking statements and information made herein are
based on the Company’s current expectations and does not undertake
an obligation to revise or update such forward-looking statements
and information to reflect subsequent events or circumstances,
except as required by law.
About Longfin Corp.
Longfin (“LFIN”) is a US-based, global FinTech
company powered by Artificial Intelligence (AI) and Machine
Learning. The company, through its wholly-owned subsidiary,
Stampede Tradex Pte. Ltd, delivers foreign exchange and finance
solutions to importers/exporters and SMEs. Longfin also provides
cryptocurrency-based financial service for importers/exporters with
Ziddu coins from its blockchain-empowered subsidiary Ziddu.com.
Currently, Longfin has operations in London, Singapore, Dubai, New
York, Miami and India.
IR Contact:
Dragon Gate Investment Partners LLCTel: +1(646)-801-2803Email:
lfin@dgipl.com
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