Happy birthday, Tokenovate!

April 12, 2023

Today is Tokenovate’s first official birthday. One year ago, on April 12 2022, our founders Richard and Gerard formally incorporated the company and kick-started our journey. Here we reflect on a few things that we have learned during our first year.

Market considerations

Encouraged by accelerating market acceptance of a technology-first approach (such as cloud and blockchain), we identified an opportunity to solve the painful problems of workflow inefficiencies and oversights. From the outset, we focussed our efforts on enabling smarter programmatic lifecycle event management of OTC and Exchange traded derivatives. The market-drive to standardise, digitise and eventually automate legal contracts is well under way, and is picking up support across parties in the pre-trade to post-trade process.  

Our goal is ultimately to be asset agnostic, and have a common lifecycle event management platform for all types of derivatives. However, it became clear to us that the fragmented, nascent and rapidly evolving global voluntary carbon credit market (the market for trading all types of carbon emission management products) would be very receptive to a DLT-based solution like ours. As any entrepreneur knows, early market-fit is crucial when you grow your business, and we are confident VCCs is ours.

Product approach

When we set out to define and develop our product proposition, our goal was to establish a scalable, secure and compliant platform built on flexible microservices. To us, it was clear that the solution to the market problem was a software platform that integrated seamlessly with adjacent tools and products. By collaborating with like-minded, complementary solutions we can jointly address challenges faster and in a truly customer-friendly way. 

We understood early that our platform must embody the design principles and processes recommended by ISDA, as well as comply with the appropriate regulatory standards where our customers operate. We also are fully committed to support and surface Digital Regulatory Reporting (DRR) as required. 

The use of blockchain technology is fundamental to our solution, as it delivers transparent, trusted and immutable records of a trade. Much of our competitive advantage lies in our unique DLT implementation, details of which we may disclose later… Stay tuned!   

Team building

We have been fortunate to attract really good colleagues from the start. Execution focussed professionals without ego. At Tokenovate, our sleeves are permanently rolled up, and we get stuff done. In addition, our board is truly supportive, which is crucial at this juncture. It’s important for us to not just build a great product but also a culture of inclusivity, intellectual curiosity and team-execution. We are definitely on our way! 

Future?

Who knows where we will be on our second birthday on April 12 2024? Our world is changing so rapidly that making any predictions sometimes seem futile. However, it is our goal and absolute desire to drive Tokenovate forward towards a successful commercial journey, by being collaborative, customer and solutions oriented. On that journey we also want to stand by our values and people, and create an inspiring and progressive workplace.  

All in all, it’s been an excellent and educational first 12-months. And we are all very excited about what the next year will bring!

Credit:

Image by katemangostar on Freepik

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