OpenFinance Network

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OpenFinance Network
Ofn logo2.0 gray.jpg
Founded 2017
Headquarters Chicago, IL
Key People Juan Hernandez, Founder and CEO
Employees 25-50
Products OpenFinance Network Trade Platform, Investor Passport
Twitter @OpenFinanceIO
LinkedIn Profile
Website OpenFinance.io
Blog OFN Blog

OpenFinance Network (OFN) is a trading platform based on a distributed ledger that uses tokenization to simplify electronic trading. The platform is built to simplify the process of applying anti-money laundering (AML), Know Your Customer (KYC), and legal compliance to trading cryptocurrency and other assets.[1]

Products and Services

The OpenFinance Network is a software platform that allows users to view a publicly-available whitelist of compliant, qualified broker-dealers, administrators, and agents in order to trade cryptocurrency assets. OFN's platform can also manage multiple assets being handled by multiple trading entities. It also provides users with the ability to tokenize things they wish to trade, allowing existing businesses to enter the space and trade token-based securities.[2] Juan Hernandez, the founder and CEO of OFN said in an interview with Crowdfund Insider in 2019 that if there was "an audience" for it, OFN's platform could allow customers to tokenize and sell shares of non-traditional assets like artwork or intellectual property. Hernandez joked that this way, investors could tokenize shares of a Fabergé egg if they wanted to.[3]

Background

Hernandez created a platform for secondary market transfers of securities in alternative asset classes called CFX Markets in 2014. The aim was to take advantage of new investment opportunities created by the JOBS Act of 2012, in order to allow non-accredited investors to participate in alternative markets investing. When digital assets such as cryptocurrency began making headway into the mainstream in 2016, Hernandez began working with various agents and accredited investors within the emerging cryptocurrency market space to create a similar platform for cryptocurrency assets and other alternative assets. This was the beginning of OpenFinance Network.[4][5]

Development of the OFN began in 2017. OFN opened its beta on June 28, 2018.[6] It moved out of beta and began offering its first STO in December 2018.[7]

The platform launched in Q4 of 2018.[8]

Fundraising

OpenFinance Network raised funds in part through venture capital investments. One such investor was Chicago's West Loop Ventures; a manager for this company, Jeff Carter, is on OFN's advisory board, along with Anthony Pompiliano of Morgan Creek Digital, and Tor Bair of Enigma MPC. In July 2018, OFN announced that it had hired James Stonebridge as its chief operating officer.[9][10][11]

In August 2018, Huobi, one of the world's largest cryptocurrency exchanges, announced a strategic partnership and investment in OFN. The amount of the investment was not disclosed, but it was described as "significant."[12][13]

References