Ownera, provider of a global inter-trading network based on the open-source FinP2P protocol has partnered with R3, the global enterprise blockchain technology firm, to enable Ownera to offer a unified digital wallet solution for institutions, according to an announcement on September 23, 2022.
Intertradability between different digitization solutions is seen by many as a much-needed bridge in the digital securities industry. This interoperability has the potential to promote further institutional adoption and the global distribution of security tokens and regular crypto assets.
FinP2P is an open-source, decentralized solution that interconnects all blockchain platforms. The team says the solution will support global distribution and liquidity for the digital assets market across any asset class, including private securities issued on both private and public blockchains like Ethereum.
FinP2P provides an order routing solution, which means that any investor can connect to the FinP2P API to be able to trade in any digital asset across multiple platforms.
The team has made it clear that users of R3’s Corda platform will also be able to use the solution to manage both assets held on Corda alongside assets tokenized elsewhere. FinP2P can work with the client’s preferred third-party or in-house digital custody solution.
Todd McDonald, co-founder of R3 said:
“At R3, our purpose is to build and grow networks that are trusted, safe and open. We believe that users should have the freedom to connect and interoperate with each other across multiple networks and markets. We are excited to see the interoperability work emerging across the wider R3 ecosystem, such as the orchestration and “inter-tradability” of digital assets across Corda and other ledgers offered via Ownera’s FinP2P.”
Anthony Woolley, the head of business development at Ownera, added:
“The adoption of FinP2P will result in higher liquidity and better access to capital and assets by providing regulated firms with one secure point of connection to multiple digital asset networks across the globe. In turn, the wallet we have developed will enable those firms to give their clients one user-friendly interface to access investment opportunities throughout the FinP2P ecosystem. We believe that enabling high-quality assets to be distributed to a global audience of suitable investors is key to driving institutional engagement in the digital assets space.”
The FinP2P Utility
According to Woolley, the FinP2P solution will give R3 users the ability to hold tokenized assets on Corda as well as other blockchains, meaning that the same wallet can hold assets that might be on Corda, Ethereum, Quorum, Tezos, and so on.
The team says the solution is designed to support token issuance, secondary trading, and digital asset borrowing just like in the decentralized finance (DeFi) space.
Secondly, users can pay for a tokenized asset with digital currencies or securities held on a different ledger. Corda users can also secure their crypto asset holdings via any digital custody platform or technology of their choosing.
To be able to access the network, users looking to provide assets or services would need to host a FinP2P network node, the team says. The digital securities industry will indeed benefit immensely from this formidable alliance between R3 and Ownera.