CEO and Founder of Binaryx Explains Asset Tokenization
Oleg Kurchenko, CEO and founder of Binaryx, and Oles Timofeev, founder of Genius Space (formerly Genius Marketing) talk about tokenization and how it feeds into business development in the recent mutual interview.
Oleg unveils the advantages of tokenization and the difference between digital tokens and conventional securities.
“The ultimate objective of tokenization is to give users the opportunity to easily move funds from one place to another in digitized form. We are moving away from a traditional depository, or simple digitalization of a fraction of some asset. It’s going to be the same depository which stores the same data and this data moves from point A to point B. With a company’s assets it works in a similar way: by asset digitalization we eliminate the involvement of the third party. Now, to buy a share of any company you need to go through a number of stages: counseling with lawyers, registering with a broker-dealer, consulting with accountants and undertaking other procedures which are no longer necessary. Now, it can be done in a few clicks – we are moving towards simplifying lives for ordinary users”, says Oleg Kurchenko.
Oles Timofeev has revealed the further steps in the company’s development and how raised funds are going to be assigned.
Genius Space has become the first company to tokenize the assets on Binaryx exchange. The company has tokenized 10% of its assets and expects to attract between $800 000 and $1 000 000. At present, several EdTech companies are being submitted to the admission process to tokenize their assets on Binaryx.