NEW YORK, July 11, 2018 /PRNewswire/ -- Seven Stars
Cloud Group, Inc. (NASDAQ: SSC) ("SSC" or the "Company"), a leading
global fintech firm focusing on digital asset production and
distribution, today announced a long-term relationship and
strategic licensing agreement with New
York-based Fundamental Interactions, a world class provider
of enterprise market center technology.
Through this agreement, SSC will leverage core Fundamental
Interactions technology and the Velocity Ledger platform to support
the tokenization, secondary trading and settlement of new
blockchain-based securities. The Velocity Ledger platform is in
operation for various approved entities by the Securities and
Exchange Commission (SEC) and FINRA.
While Velocity Ledger has been designed to support U.S.
securities tokens, OTC crypto currencies, and real estate
securities, it has unlimited potential to manage the issuance,
trading and settlement of digital assets across jurisdiction and
across asset classes (securities and non-securities). Velocity
Ledger is a blockchain-based, software-as-a-service (SaaS) platform
that operates as a private blockchain solution and interacts with
all of the major public blockchains.
Seven Stars Cloud will work closely with issuers and
underwriters of securities in order to source a wide array of
financial products. Post issuance, these financial products will
undergo a comprehensive rating system to provide transparency into
the underlying assets. Additionally, SSC will secure institutional
market makers and traders to join Velocity Ledger, providing new
product exposure and liquidity to previously illiquid assets. SSC
will also leverage its partnership with BBD Digital Capital Group,
a leading provider of Artificial Intelligence-based big data
solutions to support ratings and risk management of these newly
created digital assets.
There are a myriad of benefits afforded by tokenizing securities
via Velocity Ledger. These benefits include new product creation
and market exposure, competitive fees, fast deal execution, access
to institutional investors and broker dealers. In addition to these
market and product specific benefits, Velocity Ledger automates key
service functions to reduce the number of middlemen and service
providers typically involved in a securities transaction. At its
core, Velocity Ledger enables highly transparent, immutable, and
auditable transaction activity and reporting.
Commenting on the partnership, Bruno
Wu, Executive Chairman & CEO of SSC, said: "With
Velocity Ledger, we will work with our partners to develop
marketplaces for previously illiquid and un-tradeable assets. We
have our eyes set on the fixed income, real estate, venture
capital, and private equity markets, amongst various other
securities and asset classes. By combining the power of Velocity
Ledger with SSC's wide distribution capabilities, we will bring
tremendous efficiencies to the capital formation process, narrow
bid-ask spreads, and reduce the time and costs for closing and
settling transactions via blockchain and AI technology."
"Our partnership with Fundamental Interactions represents a
flagship opportunity in SSC's ability to penetrate the tokenized
security markets. We are thrilled to be working with Fundamental
Interactions to harness the power of blockchain and spread the
adoption of security tokens across industry," said Bruno
Wu.
Shawn Sloves, CEO of Fundamental
Interactions, added, "After several years of hype, blockchain-based
solutions are well on track to deliver on their considerable
promise. We are excited to be working with Bruno and his team at
SSC and look forward to extending the benefits of Velocity Ledger
to a variety of new liquid and illiquid asset classes."
About Seven Stars Cloud Group, Inc.
(http://www.sevenstarscloud.com/)
SSC is aiming to become a next generation
Artificial-Intelligence (AI) & blockchain-powered, fintech
service company, focusing on digital asset production and
distribution. The Company facilitates and enables the
transformation from traditional financial markets into the asset
digitization era. SSC acts as the manager and service
provider of an ecosystem for securitization and digital currency
tokenization as well as trading system integration.
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
IR Contacts:
Federico Tovar, CFO Seven Stars
Cloud
Chad Arroyo, CMO Seven Stars
Cloud
Email: ir@sevenstarscloud.com
For Media: Eric Soderberg
Forefront Communications Group, Inc.
914-414-2884
eric@forefrontcomms.com
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SOURCE Seven Stars Cloud Group, Inc.