Serenity, a project to ensure the security of traders funds by placing them on smart contracts has raised USD $2 million during the first 2.5 weeks of their token sale. It is the amount required to launch the project. According to their white paper, the project’s first stage includes the development of a settlement system ensuring the security of funds via smart contracts and arbitration system. In full, Serenity aims to be a platform that includes several useful modules: escrow, blockchain transaction recording, quote verification, and trading exchange.
The idea is based on the practice of segregated accounts, that is, keeping deposits separate from the funds used for trading, which is required by the FCA (the British financial regulator), and is translated into the language of the blockchain.
The idea of recording transactions in the blockchain has also emerged under the influence of traditional regulations, such as financial legislation in the EU (MiFID II and EMIR). These regulations have always demanded reports on all trade operations, but have had no way of storing them efficiently.
The project’s reach will include the creation of a proprietary trading exchange for quick entry into the Serenity system and cryptocurrency purchases. The company plans to raise $19 million to develop the platform. The project will be launched in separate stages, with the exchange launch right now scheduled for May 2018. The prototype has already been published on the website.
More information about the project can be found via the Serenity website and Telegram channel.