Place/Date: Singapore - January 18th, 2022 at 7:00 am UTC · 5 min read
Contact: Ben Marchant, Source: Bictory Ltd
Bictory Finance has become the first startup project to be awarded “The Free and Open Grant” from the Concordium Foundation. The grant has been awarded for the Development of the BictoryNFT marketplace on the Concordium network. All of Bictory Finance’s solutions, such as decentralized crypto exchange, custodial exchange, and the upcoming NFT platform for artists, utilize Concordium blockchain. The recently received award will support further development of these projects and adoption by a wider public.
Concordium is a novel Layer-1 Proof-of-stake Blockchain, sustainable and science-proven with an ID-layer to ease regulatory compliance. Offering fast and real finality with stable low transaction costs, Concordium aims to enable the future economy.
Agbona Igwemoh, Bictory Operations Lead, says:
“The grant will allow us to improve the currently existing products and tailor them to the needs of Reg-DeFi and crypto investors. Soon, we plan to release the Bictory DEX on testnet, and we believe that Concordium’s support will encourage and accelerate our efforts.”
Lone Fonss Schroder, Concordium’s CEO, says:
“Bictory Finance is an ambitious project developing products ranging from a hybrid exchange (decentralized and centralized exchanges) to an NFT marketplace. Concordium is supporting the projects from our community endowment program and is excited to see the progress they’ve made. We support them in this development which will also deliver reference smart contracts to be available on our website.”
Keld Stehr Nielsen, Concordium CPO and lead of the endowment program, says:
“We are very pleased that Bictory has selected Concordium as their blockchain of choice. It is a professional and ambitious team, and it has been a pleasure to work with Bictory during the endowment application process. I have no doubt that users will find their NFT marketplace offerings compelling.”
The fintech startup plans to use the Concordium blockchain to build its products, focusing on regulatory compliance. Bictory Finance is confident that compliance is a key to broader adoption.
Joha, J. Sulaymonov, Bictory Project Lead:
“At the moment, governments worldwide are thinking of ways to regulate the crypto industry. We must always look ahead and assess the risks. We aim to go mainstream and make important decisions, keeping that in mind.”
Bictory sees the partnership with Concordium as a fruitful ground for developing NFT-related solutions. The company’s NFT collection, Terrestria, was created on the Concordium network.
Terrestria is an NFT collection made of 12k unique NFT pieces consisting of 11 animals in different accessories and spatial dimension variants. The collection includes both 2D and 3D images. The company has already opened the waitlist for the Terrestria NFT collection on the BictoryNFT official website.
Bictory Finance will continue to utilize solutions from the Concordium Foundation to develop its products. Also, they will create documentation, SDKs and resources that will help future developers build their projects on the Concordium network. The company plans to apply for a second grant from the Reg-Defi initiative to develop its hybrid exchange consisting of a custodial and decentralized exchange. Their participation in the program will further promote the Concordium blockchain and support the team through the creation of the first regulatory-compliant Dex.
Currently, Bictory Finance has created the online content and data aggregator portal on Concordium. Anyone can learn about the novel and existing projects built on the network and information covering the latest news and insights in the crypto industry.
Bictory Finance is a fintech startup specializing in crypto finance products founded in 2019. The company recently closed its private-sale C round, raising $6M in private funding so far and is currently in the final private sale round (Private-sale D). The mission of Bictory Finance is to build a safe ecosystem for DeFi and crypto investors by providing solutions with a focus on speed, anonymity whilst being regulatory-complaint. Concordium blockchain enables the company to offer quick transactions with low fees and enhanced privacy.
Joha, Bictory Project Lead:
“The Bictory Mission is to develop a suite of products that enables developers, liquidity providers, creators and traders on Concordium to raise capital, trade crypto, and provide liquidity safely.”
The outlined technology is already implemented in the core of the Bictory products:
Concordium is a compliance-ready public blockchain that ensures privacy with proof of cryptography protocol and systematic self-sovereign identification of participants. Users have both public and encrypted balances and can make untraceable and private transactions using the latter. Every transfer contains zero-knowledge proof to ensure that the sender has enough funds on the encrypted balance. The method allows Concordium to permit transactions without revealing the actual values.