NEO Global Development and Liquefy Collaborate For Development of Security Token Ecosystem
As per the recent reports, NEO Global Development (NGD) and Liquefy have collaborated for the development of an ecosystem of security token that would be based on NEO blockchain. The partnership was officially announced by Liquefy through their micro-blogging handle on 11th June 2019.
NEO Global also took to Twitter to confirm their investment into and partnership with Liquefy on the same day.
We are excited to work with @LiquefyTech, to develop a NEO-based security token ecosystem! https://t.co/2qPPETh405
— Neo Smart Economy (@Neo_Blockchain) June 12, 2019
Through this partnership, asset owners would easily be able to issue NEO backed security tokens. Liquefy’s CEO Adrian Lai came forward to share more insights on this new endeavor. Lai expressed how excited the company was while onboarding NGD as a partner and an investor. They are looking forward to developing the security token system together, bringing innovation in the financial sector, he added.
According to Lai, development of the security token standards is vital, especially when the industry is very much in its initial phase. Lai also threw lights on the primary feature which gives an edge to NEO over the rest of the public blockchain players – NeoID integration. The NeoID integration allows the storage of AML, KYC, as well as accreditation status on-chain even while maintaining thorough privacy. This way, issuers can not only monitor but also keep transaction records in a secondary market to stay compliant in more than one jurisdictions.
Thanks to the collaboration, Neo will get the support from the platform of Liquefy, which in turn will let NEO stakeholders obtain access to the space of security tokens. While the current private securities transfer procedure is costly, fragmented, and complicated, Liquefy’s solution is cost-effective and end-to-end. After all, it includes everything – right from the issuance and compliance management across various jurisdictions to services for managing investors. Moreover, it will also automate the manual process of compliance while eliminating multiple intermediaries involved with the traditional KYC process.
NEO is a community-driven, public, and open-source blockchain project. It uses the technology of blockchain as well as digital identities for the digitization of assets and automation of digital asset management through smart contracts. Creating the “Smart Economy” by utilizing a distributed network is NEO’s goal. The latest NEO 3.0 update enables it to both scales and develops a tokenized economy with complete integration.
Liquefy, on the other hand, is a Hong Kong-based technology solution company that lets asset owners build security tokens seamlessly. Liquefy has many offerings, such as tokenization technology, compliance-as-a-service, and decentralized settlement protocol. Do read our neo price prediction post to understand the future price changes and long-term benefits of investing in the coin.