PE Tech Report


Like this article?

Sign up to our free newsletter

VNX completes first blockchain tech VC deal in Europe

VNX Exchange, a Luxembourg-based digital asset investment platform, has completed the first VC deal in Europe utilising blockchain tech.

The deal sees the issue of EUR1.1 million of asset-backed tokens linked to the investment into Streami Inc, a South Korean blockchain company.

Issued on the Ethereum blockchain ERC-20, the asset-backed tokens represent claims on the future cash flow from the investment.

“This digital solution was very useful for fundraising when faced with the new reality brought by the pandemic, lockdown and travel bans,” said Junhaeng Lee, co-founder and CEO of Streami.

Streami is a parent company to a South Korean crypto exchange called GOPAX and DASK, a regulated national crypto depositary service. It was the first Korean blockchain company to receive an investment from a Korean bank, Shinhan Bank. Other investors include private equity firm BluePoint partners and Digital Currency Group.

“With the money raised we plan to bolster our product and marketing to become a leading provider of financial market infrastructure for crypto in South Korea”, explained Lee.

The VNX platform was officially launched at the end of 2019 in the presence of Luxembourg’s Minister of Finance Pierre Gramegna, and In-kyu Park, the Embassy of the Republic of Korea to the Grand Duchy of Luxembourg.

VNX aims to facilitate the creation, deployment and maintenance of tokens backed by traditional assets on public blockchains.

Tokenisation of assets is meant to create opportunities for fractional ownership and cross border investments. The VNX platform offers digital KYC/AML functionality, allowing remote onboarding of investors ‘in minutes’ and allows different payment methods including cryptocurrencies, according to VNX.

“We are proud to be among the first digital asset investment platforms to launch operations in Europe,” said Alexander Tkachenko, CEO and founder of VNX. “We believe in the future of blockchain based digital assets”, he added. 

Like this article? Sign up to our free newsletter