The partnership between these two big firms is an opportunity to increase their services to their customers safely, conveniently, and effectively. Formosa Financial is considered as the top treasury management platform for digital assets.
Formosa was designed to provide tailor-made solutions to ICO companies like themselves. The key driver is the need to provide safe custody for ICOs, provide a safe way of converting ICOs into fiat, and protect the value of crypto over time.
Generally, Formosa financial offers financial services platform for digital asset holders and innovators of the blockchain technology.
Formosa Financial (@formosaofficial) Brings Digital Asset Financial Services to Wanchain (@wanchain_org) https://t.co/55X18rMmqL
— WanLabs (@Wan_Labs) November 5, 2018
On the other hand, Wanchain is a platform that makes it possible for users to carry out transactions between blockchains. Its infrastructure also helps in the creation of applications for both institutions and individuals.
Currently, Wanchain offers cross-chain functionalities with Ethereum transactions and is believed to target Bitcoin in its next product launch. It has promised to continue the efforts of bridging blockchains and increasing cross-chain financial functionalities.
The partnership between Wanchain and Formosa Financials could, therefore, be a step towards this direction. Through this partnership, Wanchain stands to gain from Formosa Financial`s plethora of services by providing its applications with safer, customizable, and more efficient digital-assets management strategies.
Formosa Financial outsources their services of professional treasury management to blockchain innovators and allowing them time to focus on their key functionalities.
The Future of this Partnership
Wanchain has taken advantage of Formosa`s vision of a world where financial services will be readily available for the blockchain industry. Already, Formosa Financial is working with other companies in this field such as BitGo and Mithril. Wanchain`s users and especially their application developers will greatly benefit from this partnership. The users can access financial services such as loans, multi-asset ICOs, among other services through Wanchain-based applications.
According to Ryan Terribilini, the CEO of Formosa Financial, Wanchain is a great asset to the Formosa family especially because of their vision of interoperability within blockchain networks. He describes the partnership as another avenue of opportunities in the blockchain financial system.
On the other hand, his counterpart Jack Lu the CEO and Founder of Wanchain believes that this partnership is the solution to the unique challenges facing the blockchain industry regarding financial services. Further, he states that he is excited for the opportunity to have Formosa`s customized financial services for Wanchain`s users.
The partnership is also an avenue to Wanchain`s successful integration of financial services and transaction security provision. As it is today, Wanchain offers a cross-chain transfer protocol for effective digital assets transfer across multiple blockchains. Additionally, Formosa`s financial service will be supported by Wanchain`s privacy features and smart contracts.
The partnership between these two firms is a great step towards financial freedom for the fast-growing blockchain industry. The partnership brings mutual benefits to the firms as the CEOs from the two firms have noted and users should look forward to the fruits of this relationship that has just started.
Hopefully, Formosa will be able to reach and offer financial solutions to a wider audience through this partnership with the cross-chain infrastructure company.