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While Bitcoin and Ethereum continue to break new price levels and crypto tokens are booming, more investors are looking to trade traditional assets like currencies, equities and commodities via digital tokens. A new operator Flying Money, named after the world’s first paper currency, has developed a trading platform to meet this need, with blockchain-based tokens pegged to the underlying assets.
Flying Money’s approach is to bring more transparency and trust to digital assets. Managing Director Russell Hatton stated, “two important elements missing in the digital currency world at the moment are transparency and trust and we decided to place these two concepts at the centre of our business model.”
What’s different is Flying Money’s structure to protect customers by maintaining all assets in an independent company trust which is separate from the trading company Flying Money. A further element is the audit process which is to be undertaken by the globally recognized accounting firm Ernst & Young to audit the accounts and match every currency deposit to every currency token issued ensuring they are 100% backed. This audit will be published monthly on the Flying Money website providing full transparency.
Flying Money’s whitepaper explains that the platform will support asset and currency tokens backed 1:1 with its corresponding currency, stock or commodity. This represents the ownership of the underlying traditional asset held by Flying Money. On launch, Flying Money will support six fiat currencies initially each as a digital currency token (USD, EUR, GBP, JPY, CAD, AUD).
As Flying Money’s business model progresses they plan to tokenize a range of assets from commodities to equities and real estate.
Flying Money founder Russell Hatton, previously a Director at Ferrier Hodgson a global forensic accounting practice stated “we have seen a number of companies ICO’s claim the benefits of the Blockchain, yet they offer no investor protection as they fail to provide independent audits or accountability for the funds raised. Many ICO’s are created by software programmers with no real commercial business experience. We decided to put together a team of people who have created, operated and successfully sold IT businesses. That’s our major point of difference. All of the Flying Money team has a track record of commercial success.”
The first product release will be the ERC 20 tokens in major currencies. They aim to take on Tether who turns over in excess of US $1 billion daily with their currency token.
The Flying Money tokens are valuable in that when they can be used to pay transaction costs with a discount of 90% when buying and selling Flying Money digital currency tokens. When used these FML tokens will be destroyed reducing the number of FML tokens in circulation. Customers can pay transaction fees in other currencies such as cash, BTC or ETH as well. When transactions fees are paid in these other options the transaction fees are used to buy back FML tokens which are also destroyed. This process has the benefit of maintaining a constant demand reducing the supply of FML tokens and potentially increasing their value.
Flying Money will hold their token pre-sale starting February 2018. Further details can be found at www.flyingmoney.io