FIC Network (eFic)
With the inclusion of cryptocurrency in the financial market, the market size has tremendously increased. Right now the global credit and fixed income in the financial market exceeds $230 trillion USD. This is three times the global equity market. Also, the global cryptocurrency market size right now exceeds $480 billion USD. Now there is a new blockchain infrastructure that wants to launch the largest financial for the crypto economy. FIC network is a blockchain designed to create a fiat currency credit, gland crypto and fixed income market for everyone. The aim of the blockchain to accelerate global economic growth.
What services does FIC provide?
Being a blockchain-based network, the FIC enables users to list, purchase, and sell cryptocurrencies or fiat money in the fixed income financial instruments like:
- Collateralized Loan Obligations
- Loan Syndication
- Credit Default Swaps
The blockchain offers a combined fiat and crypto fixed income market with makes the future crypto market sustainable.
How it works
The Network used “one token to rule them all.” It is a complete infrastructure that provided fixed income services on the blockchain. Some of the features of the blockchain include:
Multi-currency and crypto: conventional render will receive investment in cryptocurrency on the platform
Blockchain transactions: the network offers audible and transparent ways to price discovery.
Instant Settlement: the ledger reconciles after every 4-10 seconds instead of days.
Expected Cash Flows (ECF): an investor can purchase and trade with single loan installments.
Why was the FIC network developed?
According to the official website, FIC was developed because of three major reasons. These reasons are:
- “Because we’re up and running: We don’t just have a prototype, we have a business that already exists.”
- “Because the market needs us: It’s only a matter of time until the fixed income market will migrate to the blockchain.”
- “Because the market trusts us: We have a full-time team backed by world-class advisers, prominent investors, and business media and conference presentations.
This is the way the website puts it.
The FIC team comprises founder/CEO Arturs Ivanovs. Ivanovs has experience in the fintech regulation in the European Union and holds an LLB in Law and Business. Also, the network was cofounder by Alva Soosaar, COOO who is also an experienced executive in management and structuring of fixed income portfolios and securities.
Another member of the team if Ismail Malik, an advisor who is also an ICO strategist and chairman of a blockchain Lad in the UK.