Funding alert- Blockchain Tech startup announced a funding of USD 1 million
Blockchain has become the new “black” and is growing rapidly
Let us talk about blockchain technology, the startups working in it, and the funding related to it. Explaining about blockchain, it is a system where the information is recorded in such a way that it is difficult or actually next to impossible to change, heck, or cheat the system. It is a type of digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. It is a sort of a database that is shared among the nodes of the computer network.
The difference between the blockchain and a typical and traditional database is how data is structured in these two. In a blockchain, all the information is collected in groups, which are called blocks. It is these blocks that store the information. Each block has a storage capacity, and when filled, they are closed and linked to the previously filled block. This way a chain of data is formed which is called the blockchain. A blockchain allows the digital data to be recorded and distributed, and not edited. Blockchains are also called DLT, Distribution Ledger Technology, because the records of transactions in the blockchain cannot be altered, deleted, or destroyed.
Now, you might be thinking what is the purpose of a blockchain? A blockchain is used to share the information and the data among all the parties who have access to it through the application. It thus increases trust, security, transparency, and the traceability of the data shared across a business network. This also helps in saving the cost with new efficiencies. Talking about how companies use blockchain, they use it for infrastructure building. The technology of blockchain is being used in different areas like payments, identity, and reputation, trade finance, supply chain, and many others. These sectors use blockchain technology as blockchain as a service (BaaS), interbank transactions, and traceability.
Coming to the startups in blockchain technology, the Indian economy is seeing good growth in this sector. The total risk funding in Indian crypto and blockchain startups have increased to USD 587.16 million as in the month of October in the year 2021, which last year was USD 37 million. The famous crypto exchange platforms which are- CoinDCX and Coinswitch Kuber have together raised 60% of the total capital raised in this year. The investors are now looking forward to funding startups in this sector and have kept aside funds worth USD 15-50 million, especially for this sector.
Let us now talk about the funding of a blockchain tech startup that has taken place recently
Announcement of funding of a blockchain tech startup
The blockchain tech startup, ASQI has raised funds worth USD 1 million, as announced on December 14, 2021. This round of funding was the pre-Series round of funding and was led by Founders Room Capital.
The startup plans to use the funds raised in decentralizing and strengthening its public blockchain, which is Newrl, as a regulation-compliant blockchain, which will have the legal tokenization and KYC built right into the protocol layer. The startup also plans to invite and onboard application layer partners on the platform.
About the newly funded blockchain tech startup
The blockchain tech startup, ASQI, was founded in the year 2019. The startup is engaged in building a public blockchain, which is called Newrl, which is a platform for asset tokenization and lending, which is fuelled and given a push by smart contracts. It uses market inefficiencies to generate absolute returns. The startup is of the belief that capital markets are broadly efficient but have several persistent inefficiencies in specific pockets. It is very difficult to predict the broad direction of the overall market consistently, there are several predictable relationships between characteristics of stocks and their future returns.
The startup understands that these relationships are not easy to find. Finding them requires a combination of disciplined quantitative analysis, innovations in sourcing and seeing data in novel ways, and a macroeconomic intuition. The startup ASQI excels in this. It works with not only price-volume data from the exchange but also quarterly results published by companies and several interesting alternate data.
The startup has the aim to decentralize personal and mall business lending employee blockchain which will be worth USD 900 billion in the US and increase it up to USD 1.5 trillion for s same global feet.
About the founder of the blockchain tech startup
The blockchain tech startup was founded by Swapnil Pawar. He has done in graduation from the Indian Institute of Technology, Bombay, in the year 2002, post which he did his post-graduation from the Indian Institute of Management, Ahmedabad in the year 2004. He has experience of more than 15 years which is spread across quantitative strategies, alternate assets, fund-raising, and business building. He has worked with the Boston Consulting Group, where he advised the clients across Engineering, Technology, and Banking sectors.
He has co-founded PARK Financial Advisors in the year 2006. PARK Financial Advisors is an investment advisory boutique, which was later acquired by the large Indian brokerage in the year 2009. He was a portfolio manager for India strategy at Engineers Gate, which is a US-headquartered Global Quant Hedge Fund. He later acquired the India business of Engineers Gate through a management buy-out and formed ASQI Advisors to create an asset management business that will have its focus on absolute returns in Asian markets.
He has also been on the list of the “40 under 40” professionals in the Alternate Investment space in India. He is also the author of the book titled, “Anatomy of Froth- Demystifying the Global Financial Crisis” (2010) besides several papers and articles in the media.
What has been said about the deal?
The founder of the startup, ASQI, Swapnil Pawar made a comment saying that the funding will strengthen the faith of the investors in the vision of the startup, which is to bring revolutionary web3 technology into mainstream finance for financial inclusion and empowerment of individuals and small businesses.
The startup has a true potential to grow. We wish the startup a piece of good luck and a bright and successful future ahead.
edited and proofread nikita sharma
