The Good Tech Companies - Phlomis Finance Set to Transform Real-World Asset Market with Innovative Web3 Solution

Episode Date: October 16, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/phlomis-finance-set-to-transform-real-world-asset-market-with-innovative-web3-solution. Phlomis Finance has announced its plans to offer tokenized real-world assets (RWAs) on the Chromia blockchain mainnet. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #tokenized-assets, #dlt, #rwa-tokenization, #chromia, #phlomis, #phlomis-announcement, #phlomis-finance-rwas, #good-company, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. Phlomis Finance has announced its plans to offer tokenized real-world assets (RWAs) on the Chromia blockchain mainnet. This development marks a significant step forward in the convergence of traditional finance and cryptocurrency. McKinsey & Company projects that the market could reach $2 trillion by 2030.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Flomus Finance set to transform real-world asset market with innovative Web3 solution by Ashan Pandey. Flomus Finance has announced its plans to offer tokenized real-world assets RW as on the Chromia blockchain mainnet. This development marks a significant step forward in the convergence of traditional finance and cryptocurrency, potentially unlocking a market that McKinsey and company projects could reach $2 trillion by 2030. Flomus Finance, incubated by Swedish blockchain pioneer Chromaway, is leveraging Chromia's advanced relational blockchain infrastructure and the custom-built Chromia Real-World Assets Protocol, CRWA, to create a platform that

promises to democratize access to institutional-grade financial instruments. By tokenizing conventional credit, debt, and equity products, Flomus aims to remove long-standing barriers that have historically limited these opportunities to established financial institutions. We're not just creating a new platform, we're opening up an entire world of investment opportunities that were previously out of reach for many, said Todd Miller, managing director of Flomus. Our solution addresses the scalability and cost issues that have hindered widespread adoption of RWA tokenization. A focus on resilient investing, Flomus Finance is introducing the concept of resilient investing by focusing on

tokenizing leading funds in Europe and Asia. This approach not only promises to bring greater transparency to transactions but also to financial and impact results, aligning with growing investor demand for sustainable and socially responsible investment options. The platform's emphasis on transparency and real-time reporting could set a new standard in the industry. Investors will have access to up-to-date financial data and impact metrics, allowing for more informed decision-making and potentially attracting a broader range of investors to these previously exclusive asset classes. Leveraging Chromia's innovative technology. At the heart of Flomis Finance's offering is the Chromia Real-World Asset Protocol. This technology provides a solution to many of the challenges faced by current RWA platforms,

including scalability issues and high transaction costs. Henrik Jelte, co-founder of Chromia, explained the advantages of their system. Chromia's relational blockchain allows for enhanced scalability and the ability to store complex documents on-chain. This addresses many of the limitations seen in traditional blockchain systems and opens up new possibilities for RW, a tokenization, industry impact and future outlook. The launch of Flomus Finance on the Chromium mainnet comes at a time when major financial institutions are increasingly recognizing the transformative potential of blockchain technology in traditional markets. With giants like Bank of America and BlackRock already exploring similar concepts,

Flomus Finance's entry into the market could accelerate the adoption of tokenized RWAs across the financial sector. As Flomus Finance prepares to introduce its first tokenized products in Q40 2024, the financial world will be watching closely. If successful, this initiative could pave the way for a new era of financial inclusivity, where the benefits of institutional-grade investments are accessible to a much wider range of investors. The convergence of digital assets and traditional finance, as exemplified by Flomus Finance's innovative approach, may well be the catalyst that drives the next wave of growth and innovation in global financial markets. Don't forget to like and share the story. Thank you for listening to this Hackernoon story, read by Artificial Intelligence.

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