Zurich-based digital promissory note fintech FQX raises $4.7 million in seed funding
Summary
Zurich’s short-term financing and payment tool FQX has raised $4.7 million in seed funding in a round led by Earlybird Venture Capital. Stephan D. Meyer, and Dr. Philipp von Randow, FQX is essentially taking the centuries-old promissory note, securing it with banking grade Blockchain technology (Swiss Trust Chain), and accelerating liquidity across borders and markets without rule-books. As FQX’s solution, eNotes is based on blockchain tech, they can be sold or transferred to a third party, i.e., an investor, and can be seamlessly integrated into existing infrastructures of banks and fintechs. Singapore, the UK, and the UAE have been working on blockchain-based solutions for the trade finance and money market worlds, and naturally enacting or initiating governing legislation for digital promissory notes. Electronic promissory notes as offered by the FQX eNote infrastructure is a fantastic example of how new business models and technology can bridge the trade finance gap,” comments Oswald Kulyer from the International Chamber of Commerce.