Block.one was the lead investor in funding round given the importance they see in asset tokenization
Chintai, a Singapore-based company that uses blockchain technology to modernize capital markets has received $7.5M in seed financing from multiple prominent industry-leading funds, including lead investor Block.one, Cryptology Asset Group, Collective Capital, PEER Venture Partners, and Chimera Wealth. Chintai will use the funds to enable compliant tokenization of traditional financial assets on its blockchain network.
“Asset tokenization is an important trend that brings efficiency, liquidity, and fractional ownership to markets of all types,” said Kevin Rose, Senior Vice President at Block.one. “We’re excited to work with Chintai toward our shared vision of a blockchain-enabled digital asset revolution built on regulated financial services.”
Christian Angermayer, a founding investor of Cryptology, added “The tokenization of financial assets will radically change capital markets as we know them today. The Chintai platform democratizes investing in a compliant manner for financial institutions, further lowering the barriers to entry for investors to participate in the highest potential growth assets.”
Chintai is a first-of-its-kind, comprehensive product suite that enables financial institutions to easily embrace the efficiency gains of blockchain technology for regulated assets such as securities, debt, and real estate. Chintai technology removes 50-70% of administrative overhead within the value chain of regulated assets.
“It’s well known that distributed ledger technology (DLT) is going to dramatically disrupt the financial system. Established financial institutions want to future-proof their competitive advantage, while smaller firms see the technology as a way to access innovative new business lines and increase their margins. Our comprehensive platform makes it easy for anyone to embrace compliant DLT for their specific needs,” David Packham, CEO of Chintai said.
Packham is a finance veteran with 20 years experience and deep insights in the inner workings of both traditional finance and the DLT space.
The company uses Block.one’s open source EOSIO protocol to provide clients with compliance-enabled digital asset technology for issuance, secondary trading, automated market making, cap table management, custody, and more. Chintai is launching their private institutional beta in July 2021 and recently reported Chimera Wealth as an investor and foundational partner.
Chintai is pursuing the Recognized Market Operator (RMO) and Capital Markets Services (CMS) licenses with the Monetary Authority of Singapore (MAS). After recently partnering with Bovill, a leader in regulatory consultancy, Chintai expects to establish licensing this year.