HomeFintechDecimal Point Analytics secures $750K from The Hashgraph Association
spot_img

Decimal Point Analytics secures $750K from The Hashgraph Association

Date:

Trending

Decimal Point Analytics (DPA), an India-based data analytics company for the financial market, has announced that it has received a grant of $750’000 from The Hashgraph Association (THA).

The Hashgraph Association is an independent and non-profit organization headquartered in Switzerland, established to facilitate the development of a vibrant and innovative ecosystem for startups, enterprises, and government institutions around the world using the Hedera network.

- Advertisement -

Hedera is the fastest, greenest, and most cost-efficient enterprise-grade public DLT network, which is governed by the world’s leading organizations and includes Avery Dennison, Boeing, Chainlink, Dentons, Deutsche Telekom, Development Bank of Singapore (DBS), DLA Piper, EDF, EFTPOS, FIS (WorldPay), Google, IBM, Indian Institute of Technology (IIT), LG Electronics, Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank, Swirlds Labs, Tata, Ubisoft, University College London (UCL), Wipro, and Zain Group.

DPA has received in-principle approval from the International Financial Services Centres Authority (IFSCA) – the omnibus regulator of the financial SEZ at Gift City, Gujarat in India – to launch tokenization products within its sandbox environment.

“DPA will be utilizing the grant funding to build a first-of-its-kind digital assets platform in India for the regulatory compliant issuance of digital assets and tokenized solutions for financial markets – powered by Hedera,” the statement said.

Speaking about the grant, Shailesh Dhuri, CEO of Decimal Point Analytics, said, “Asset tokenization is at a fairly nascent stage of development here in India but it is the future as far as the financial market goes. With internet penetration on the rise, the number of Indians investing in digital assets has risen considerably over the last two years. With asset tokenization, we can enable many investors to allocate their funds in smaller quantities across multiple asset classes, and that too in a safe and secured manner.”

- Advertisement -

“India is in a growth phase and the country is making huge investments in everything from road, rail, port, health, renewables, power distribution, EV charging network, tourism, space, geotagging to massive next-generation data centers. Tokenization of these newly built government infrastructure assets will create new asset classes. These asset classes are stable in value and offer an immediate market size of over $100 billion,” Dhuri added.

Commenting on the investment in Decimal Point Analytics, Kamal Youssefi, President of The Hashgraph Association, said, “We are excited to facilitate the development of DPA’s sandbox-licensed project, which will spur important adoption in the Indian market. Hedera has long been the network of choice for tokenization use cases, a niche fuelled by its powerful Hedera Token Service, which allows developers and enterprises to deploy fungible and non-fungible tokens, platforms, and marketplaces on the network. Looking ahead, The Hashgraph Association will continue to collaborate with and empower such projects of all sizes and stages as they build innovative use cases on the Hedera network.”

- Advertisement -

Further adding to the statement, Dhuri said, “We will be working closely with The Hashgraph Association and Swiss Digital Assets Institute (SDAI) to develop asset tokenization products on Hedera’s distributed ledger technology (DLT). Unlike blockchain, the Hedera network is designed as a fast, secure, low-cost, and energy-efficient network, which is powered by Hashgraph consensus, while achieving the highest degree of security possible through its asynchronous byzantine fault tolerance (ABFT), with blazing-fast transaction speeds and incredibly low bandwidth consumption.”

“Additionally, its Hedera Token Service (HTS) has built-in desirable features such as digital KYC/AML verification and other features, making it most well-suited for providing institutional-grade tokenized financial products,” he added.

In close collaboration with Swiss Digital Assets Institute (SDAI) – a professional training and innovation company backed by the Swiss Government (Canton Schwyz) and responsible for delivering the Hashgraph Innovation Program, DPA will receive professional support from a team of highly experienced subject matter experts with extensive practical knowledge in the tokenization of high-value assets, including assisting DPA to develop and launch regulatory compliant tokenization solutions for the financial markets in India through GIFT City.

“With the creation of this Swiss blueprint for DPA under its new Swiss-based legal entity (“DPA Digital Assets AG”) and using the “Hashgraph Digital Assets Platform”, we will collaborate with and bring together both regulatory authorities of India (IFSCA) and Switzerland (FINMA) to replicate the regulatory framework (blueprint) for the compliant and secure issuance of digital assets under the DPA sandbox tokenization license in the GIFT City,” Stefan Deiss, Co-Founder & Director of SDAI, added.

THE SNAPSHOTS, IN YOUR INBOX

Get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

- Advertisement -
Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.
spot_img

More Latest Stories

spot_img

Related Stories