GlobeNewswire

Two London ex-Bankers launch first UK regulated Digital Asset Trading Platform and Crypto exchange accessible to Institutional Investors

Dela

LONDON, July 16, 2018 (GLOBE NEWSWIRE) -- UK's first native crypto exchange platform is on its way to become a reality.

Sovren Exchange, a venture founded by a team of London-based banking executives, has announced an Initial Coin Offering (ICO) to begin Q3 of this year. For their launch, Sovren (SVRN) is raising a maximum of 10 Million USD (combination of Equity Funding and its own Sovren Token) to create a hybrid order book and brokerage exchange platform that uses a trading engine supported by Artificial Intelligence (AI) and Robotic Process Automation (RPA).

Sovren will have a fully compliant platform that will support trading in derivates, equities, commodities and securities. The platform will use intelligent automation to address liquidity challenges and a 3rd party custodial service for additional protection with a European Bank.

Sovren is supporting trading between all major crypto assets and fiat currencies like pounds, euros, and dollars, aiming for same day service and low, flat trading fees.

Cryptocurrency exchanges are already immensely profitable. According to the estimates reported by Bloomberg, Tokyo-based Binance alone pulls in more than 3 million USD in fees per day.

Sovren are in the final stages of building the platform with plans to be fully regulated by the UK's Financial Conduct Authority (FCA). It will be the first to do so. There is a strategic focus towards institutional investors and to provide an industrial grade platform that is regulated, compliant and transparent. 

"London is one of the most innovative financial hubs in the world," said Sovren co-founder and CEO Avijeet Jayashekhar. "Building, maintaining and regulating a cryptocurrency exchange here makes a lot of sense. We on the Sovren team have the experience necessary to approach that process from the outset, rather than as an afterthought."

One such team members is Sovren co-founder and CTO Wynand de Jager, who is a member of the British Blockchain Association with over 15 years experience implementing disruptive technology in the financial industry.

"There are a lot of opportunities and possibilities in a decentralized ecosystem, not least of which is making finance more inclusive than it has ever been," said Wynand. "To take part in the current crypto world, however, you need to be quite technical. We want to change that."

To this end, Sovren plans on implementing many of the processes and tech that power modern digital banking.

"The banking business, especially on the retail side, is a very competitive industry. If banks had the kind of customer service crypto exchanges currently have, they wouldn't last very long," said Avijeet. "Most of the technology is there to make the improvements necessary but because of the decentralized nature of blockchain, they need to be implemented in a new way."

Much of that technology revolves around automating processes with the help of artificial intelligence, AI, and Robotic Process Automation, RPA.

"I spent a big part of my career building technology to improve the customer experience in banks and trading platforms like NASDAQ," explained Avijeet. "When AI, Robotic Process Automation and Blockchain started emerging in early 2010, I got deeply involved in building businesses around them."

Sovren plans on implementing AI and RPA to do tasks it has already proven successful at: performing customer service activities, recognizing and analyzing patterns in data to help traders make better decisions, and monitoring trading traffic to detect cyber threats.

"We will deliver customer service using emotionally intelligent chat AI and robotics to automate recurring functions in the front office, and back office such as customer onboarding, compliance, transaction processing, deactivation and activation of accounts and trading and settlement. This will significantly increase processing speed in comparison to most current crypto exchange operations," explained Wynand. "We will of course also have real people overseeing, who will focus on high value tasks that can't be easily solved by robotics."

Customer service teams will be on hand 24/7 to handle high order issues. Sovren also plans on having an around-the-clock Security Operations Center to prevent, detect and respond to threats to the platform.

Top cyber security expert Luke Lynch has joined Sovren to ensure that it is built to the highest standard.

"Good security comes down to being able to recognize and respond to threats quickly," said Luke. "With the aid of machine learning, pattern recognition and neural network, we can shut down attacks before they can have a major impact."

"We want to decentralize the technologies that give institutional investors a leg up," said Avijeet. "That means giving everyone access to algorithms that, for example, measure trend-based strategies that involve moving averages, channel breakouts, price level movements and other technical indicators. AI will also help provide traders with advanced analytics with what is going on in the market."

Creating an exchange platform that can securely automate and process customer transactions with the speed and efficiency found in the banking industry requires a robust architecture that can do much more besides.

Sovren plans on developing applications, such as a payment gateway for merchants, a wallet to store crypto assets, and even a demo platform for customers to practice crypto trading before they embark on the real thing.

Beta releases for applications are expected end of 2018 and into 2019.

Sovren will open up APIs for any developer to use in creating their own applications, and will offer white label solutions to larger institutional investors.

"It is often a mistake to try and build a customized application from scratch for any business especially if the market the business is trying to enter falls outside their development expertise," said Avijeet. "We will be well positioned to save organizations time and money by building it for them."

Needless to say, the vision for the Sovren ecosystem is bigger than a crypto exchange.

"I think it is safe to say it all revolves around making cryptocurrency technology more accessible to the mainstream," said Wynand. "The High Street deserves a greater chance to benefit from the promise of blockchain."

Sovren is currently raising funds through Financial Institutions and traditional venture capitalist funds. Details for Sovren ICO can be found at https://sovren.exchange.

Investment Contact:

Chris Parker
Head of Business Development
Email: privatesale@sovren.exchange

Media Contact:

Natalia Boruch
Head of Media Relation
Email: ico@sovren.exchange

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/26346fad-2ce9-4218-970f-fc0711d34aca




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sovren Exchange via Globenewswire

Om

GlobeNewswire



Följ GlobeNewswire

Abonnera på våra pressmeddelanden. Endast mejladress behövs och den används bara här. Du kan avanmäla dig när som helst.

Senaste pressmeddelandena från GlobeNewswire

Karolinska Development delays publication of its Annual Report for 2018 and changes date for the Annual General Meeting26.4.2019 08:00:00 CESTPressmeddelande

STOCKHOLM, SWEDEN - 26 April 2019. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces today that The Board of Directors has decided to delay the publication of its Annual Report for 2018. Karolinska Development has changed the date for the Annual General Meeting to June 26, 2019. The date for publication of the Annual Report for 2018 has been changed from April 26 to April 30, 2019. Karolinska Development has changed the date for the Annual General Meeting from June 4 to June 26, 2019. Notice to the Annual General Meeting will be published in a separate press release. For more information, please contact: Viktor Drvota, CEO, Karolinska Development AB Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com Fredrik Järrsten, CFO, Karolinska Development AB Phone: +46 70 496 46 28, e-mail: fredrik.jarrsten@karolinskadevelopment.com TO THE EDITORS About Karolinska Development AB Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investmen

Karolinska Development senarelägger publicering av årsredovisningen för 2018 och meddelar nytt datum för årsstämma26.4.2019 08:00:00 CESTPressmeddelande

STOCKHOLM, SVERIGE - 26 april 2019. Karolinska Development AB (Nasdaq Stockholm: KDEV) meddelar idag att styrelsen har beslutat att senarelägga publiceringen av årsredovisningen för 2018. Karolinska Development har ändrat datum för årsstämman till den 26 juni 2019. Publiceringen av årsredovisningen för 2018 flyttas från den 26 april till den 30 april 2019. Karolinska Development har ändrat datum för årsstämman från den 4 juni till den 26 juni 2019. Kallelse till årsstämman kommer att publiceras senare i ett separat pressmeddelande. För ytterligare information, vänligen kontakta: Viktor Drvota, vd, Karolinska Development AB Tel: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com Fredrik Järrsten, finanschef, Karolinska Development AB Tel: +46 70 496 46 28, e-mail: fredrik.jarrsten@karolinskadevelopment.com TILL REDAKTÖRERNA Om Karolinska Development AB Karolinska Development AB (Nasdaq Stockholm: KDEV) är ett nordiskt investmentbolag inom life science. Bolaget fokuserar p

Karolinska Developments portföljbolag Aprea Therapeutics har fått särläkemedelsstatus och snabbspårstatus från FDA för APR-24616.4.2019 12:46:00 CESTPressmeddelande

STOCKHOLM, SVERIGE - 16 april 2019. Karolinska Development AB meddelar idag att portföljbolaget Aprea Therapeutics har av FDA fått särläkemedelsstatus för APR-246 för behandling av patienter med TP53-muterad myelodysplastiskt syndrom (MDS). Dessutom ger FDA bolaget snabbspårstatus (Fast Track Designation), för APR-246 för behandling av MDS. Amerikanska läkemedelsverket, FDA, ger särläkemedelsstatus till läkemedelskandidater för att snabba på utvärderingen och utvecklingen av säkra och effektiva behandlingar av ovanliga sjukdomar. Särläkemedelsstatus ger företag både regulatoriska och kommersiella incitament genom att läkemedlet får marknadsexklusivitet på den amerikanska marknaden i sju år efter marknadsgodkännande samtidigt som företaget får stöd från FDA när det gäller designen av kliniska prövningar, skatteförmåner för kostnader kopplade till kliniska prövningar och avgiftsbefrielse från FDA. FDA:s snabbspår underlättar utvecklingen av läkemedel som är avsedda för att behandla allva

Karolinska Development's portfolio company Aprea Therapeutics has received FDA Orphan Drug Designation and Fast Track Designation for APR-24616.4.2019 12:46:00 CESTPressmeddelande

STOCKHOLM, April 16, 2019. Karolinska Development's portfolio company Aprea Therapeutics has from FDA received an Orphan Drug Designation for APR-246 for the treatment of patients with Myelodysplastic Syndromes (MDS) having a TP53 mutation. In addition, FDA has also granted Fast Track Designation to APR-246 for treatment of MDS. Orphan Drug Designation is granted by the FDA Office of Orphan Products Development to advance the evaluation and development of safe and effective therapies for the treatment of rare diseases. The designation can provide development and commercial incentives for designated compounds and medicines, including eligibility for a seven-year period of market exclusivity in the U.S. after product approval, FDA assistance in clinical trial design, tax credits related to clinical trial expenses, and an exemption from FDA user fees. The FDA's Fast Track program facilitates the development of drugs intended to treat serious conditions and that have the potential to addre

Bergman & Beving AB: Bergman & Beving förvärvar KGC10.4.2019 14:00:00 CESTPressmeddelande

Pressmeddelande Bergman & Beving förvärvar KGC Bergman & Beving har idag tecknat avtal om förvärv av samtliga aktier i KGC Verktyg & Maskiner AB. KGC, med säte i Älvsjö, har i mer än 60 år utvecklat och levererat kvalitetsverktyg och tillbehör för murning och plattsättning i det egna varumärket KGC. Bolaget omsätter cirka 80 MSEK per år, och har 24 anställda. "KGC är ett ledande varumärke med högt anseende hos murare och plattsättare och har en mycket stark ställning på den svenska marknaden", säger Pontus Boman, VD och koncernchef. Tillträde beräknas ske den 1 maj 2019 och förvärvet bedöms ha en marginellt positiv påverkan på Bergman & Bevings resultat per aktie under innevarande räkenskapsår. Stockholm den 10 april 2019 Bergman & Beving AB (publ) För ytterligare information kontakta: Pontus Boman, VD & Koncernchef, telefon 010-454 77 00 Peter Schön, CFO, telefon 070-339 89 99 Denna information lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 10 april 201

Bergman & Beving AB: Bergman & Beving acquires KGC10.4.2019 14:00:00 CESTPressmeddelande

Press release Bergman & Beving acquires KGC Bergman & Beving has today signed an agreement to acquire all shares in KGC Verktyg & Maskiner AB. KGC, based in Älvsjö, has for more than 60 years developed and delivered quality tools and accessories for bricklayers and tilers in its own brand KGC. The business has a turnover of approximately SEK 80 million per year, and has 24 employees. "KGC is a leading brand with high reputation among bricklayers and tilers and has a very strong position in the Swedish market," says Pontus Boman, President and CEO. The closing is taking effect on 1 May 2019 and the acquisition is expected to have a marginal positive impact on Bergman & Beving's earnings per share during the current fiscal year. Stockholm, 10 April 2019 Bergman & Beving AB (publ) For further information, please contact: Pontus Boman, President & CEO, Tel: +46 10 454 77 00 Peter Schön, CFO, Tel: +46 70 339 89 99 The information was submitted for publication, through the agency of the cont

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum