Tokenovate making waves!

April 21, 2023

We were recently featured in Information Age as a leading UK start-up making waves in the Web3 world. This is what the article said:

“Over the last decade, the derivatives industry has been subject to significant regulatory reform and oversight. However, much of the traditional infrastructure and technology underpinning these products requires modernisation. Many siloes exist, mainly due to numerous and separate databases, at every stage of the lifecycle, and the industry is fraught with reconciliations, rekeying and legacy technology debt. This is not a welcoming environment to launch new financial risk management products such as voluntary carbon credits (VCCs) for Carbon Emission trading.

Tokenovate, a start-up rooted in distributed ledger technology (DLT) and financial trading, was founded in 2022 with the aim to address these challenges with its lifecycle event management platform. Programmable software controlling events and responses is combined with DLT to unify and automate operations.

Founder and CEO Richard Baker explained: “At Tokenovate, we want to support and accelerate the upgrading of financial market infrastructure through our software platform. By introducing highly standardised smart contracts, we can programmatically de-risk trading and increase operational efficiency”.

Baker continued: “In the lifecycle of a trade, there are often hundreds of events spread over many years that must be adhered to by the parties involved. By automating workflows using smart contracts on the blockchain, we can ensure immutability and transparency of these trade events, all while honouring counterparties’ privacy”.

Applied to, for example, VCCs, Tokenovate’s software platform can help to address the issues around “greenwashing” and ensure the focus is on reducing our shared carbon footprint – going beyond merely shifting responsibilities.”

You can read the full article here:

https://www.information-age.com/four-uk-web3-start-ups-making-waves-123503432/

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