Tokenization is the process of converting rights to an asset into a digital token on a blockchain. There is great interest by financial intermediaries and technologists around the world in figuring out how to move real-world assets onto blockchains to gain the advantages of Bitcoin while keeping the characteristics of the asset.
Our world is full of assets: stocks, art, real estate, gold, etc. Many of these assets are difficult to physically transfer. Paper and complex legal agreements are cumbersome and can be hard to track. The solution would be to switch to a digital system.
It is time to tokenize assets
People tend to think that the global financial markets are as liquid as possible. However that is true only for people and organizations which are already in the "system" – i.e. brokers and financial institutions. The end client is forced to go through all the levels of hell in the form of know-your-customer (KYC) and compliance checks, signing of contracts, paying of commissions, etc. The solution for this issue is tokenization which is putting traditional assets on the blockchain could. Tokenization has created a possibility for extremely simple, convenient systems, where within 20 minutes you can get money on the exchange, trade, and withdraw capital.
A great example in that field was shown by WealthInitiative - a unique secured platform allowing wealth management institutions to share network of deals on behalf of their High Net Worth clients in the fields of Real Estate, Art, Passion Investments and Business Deals. It aims at facilitating transactions within wealth management institutions client base. Matching buyers and sellers in an efficient way. By using machine learning and big data giving a true value of non-bankable assets the platform allows automated valuation of tokenied assets. It improves portfolio analysis and understanding.
CryptoLook got an exclusive interview with Douglas Azar - CEO of WealthInitiative, a fintech company which became one of the finalists of the WealthBriefing Switzerland Awards.
CryptoLook: Who are you?
Douglas Azar: My name is Douglas AZAR, I am French citizen. I spent some times in the U.S and the middle east in the banking sphere before settling down in Switzerland
CryptoLook: Where were you before this company?
Douglas Azar: Before founding Wealthinitiative I worked for various banks in wealth management (Société Générale, ABN AMRO and Liechtensteinsische Landesbank).
CryptoLook: Can you please tell us couple of words about your company?
Douglas Azar: We are Zurich based WealthTech company focusing on the non-bankable assets (real estate, art, passion investments and shares in private companies). We are a marketplace as well as an automated valuation. We are now exploring the Blockchain technology to tokenize those assets.
CryptoLook: How businesses can benefit from the products/services provided by your company?
Douglas Azar: We are catering to family offices and private banks. Wealthinitiative enables clients to efficiently find the value of their non-bankable assets as well as trade them, thus reducing the intermediary fees.
CryptoLook: How has your company evolved from Day 1 to Today?
Douglas Azar: The company evolves a lot, we went from a two person startup to a six person company and the platform has also seen tremendous improvements
CryptoLook: What is the greatest challenge you’ve faced with the company?
Douglas Azar: The greatest challenge we faced at the beginning is the long selling cycle in the private banking industry. On average it takes 9 months to 18 months to close contracts
CryptoLook: What does your typical day look like?
Douglas Azar: It will sound cliché if I say that there is no “typical” day but I am afraid it is true. I would say that half of my day is meeting people and the other half is managing the on-going projects and the team. I mostly catch up with administrative tasks at week ends
CryptoLook: What is your priority for the next year?
Douglas Azar: The priority is to implement the various contracts we signed and expand our foothold in Asia. We are also contemplating the ICO route for funding so some time need to be dedicated to this process.
CryptoLook: What do you think about the future of Bitcoin, blockchain and cryptocurrency market in general?
Douglas Azar: I am a great believer in the Blockchain technology and believe that the future is bright for decentralized systems. Regarding the Bitcoin and cryptocurrencies, I think we are in for a wild ride before the market settles. I think that the volatility is here to stay and some that some coins will disappear once we found out that the team could not deliver.
CryptoLook: What do you consider as your biggest achievement or success?
Douglas Azar: I think that the biggest achievement can not be reduced to one event one experience but I believe that everyday is an achievement and seeing the traction we achieved is the certainly the biggest reward.
CryptoLook: Thank you and good luck!
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