OldDriver Closed 10m Seed Round Funding from Upbit
Recently, 8btc learned that OldDriver, the digital asset management platform based in Hanghzou, has close 10 million CNY seed round funding led by Upbit, the Korean Cryptocurrency exchange. Both parties will build an on-chain, fair, credible and secure crypto asset management network to promote the application of blockchain technology. Through the smart contract on blockchain, the project aims to promote the reconstruction of trust in the investment industry and asset management industry, and ultimately making the new financial model possible on new technical infrastructure.
Upbit is a digital currency exchange jointly launched by Bittrex, a well-known digital currency exchange in USA, and Dunamu, a Korean exchange. Upbit was launched at the end of October 2017. Currently, it supports more than 200 trade pairs and more than 110 tokens. With the support from Dunamu, its parent company, and Bittrex, Upbit has developed into Korea’s well-known digital currency exchange in less than a year, ranking top 5 in the world in terms of volume.
With the development of digital asset markets and the ever-increasing scale and varieties, demands for crypto asset management are also growing. Since 2017, a large number of capital and projects have rushed in to the new lane. According to public information, BitCV in China had obtained tens of millions of seed funding at the beginning of this year, Finbook received a million dollar angel round of funding. Outside China, ICONOMI, Melonport, CoinDash, Etherplan and other decentralized asset management platform projects have emerged.
According to OldDriver’s official website, Pivot Digital Trading (PDT1), the first high-frequency trading fund, has reached an annualized return of 56.54%. The second fund will be launched in May.
In the interview conducted by 8btc, Mo Han, CMO of OD, explains:
OD wants to establish a new model of digital asset management based on New trust. In this model, the concept of “trinity” will be introduced in decision-making, operation and supervision, thus solving the problem of trust from the coding level.
Under the new model of OD, the ordinary investors can have equal opportunities to invest in digital assets and obtain investment returns in a safe and reliable manner. Professional investment managers can accumulate trust quickly, raise funds efficiently, and manage investment operations in a convenient manner. Supervisors can supervise the fund’s entire process to ensure that the fund is compliant and controllable.
How blockchain technology is adopted in the system design of OD?
Funds can only be created through smart contracts. Fund managers can only allocate instructions through smart contracts. The instructions and executing process are separated. All investments are automatically redeemed at the contracted date. Even if the website of OD is down, investors’ funds and smart contracts will still remain on the blockchain.
In terms of risk control, OD will implement strict screening of fund managers. Teams will be evaluated and license issued to qualified managers, who will be allowed to raise funds on OD platform.Ultimately, OD is hoping to promote the transformation of the entire asset management and financial industry’s superstructure, making new financial models possible based on new technology infrastructure.