- Phlomis Finance will use Chromia’s blockchain and Real World Assets Protocol to tokenize institutional-grade assets.
- Phlomis Finance plans to launch its first products by Q4 2024.
Phlomis Finance is set to leverage Chromia’s blockchain infrastructure and its Real World Assets Protocol (CRWA) to bring innovative solutions to the tokenization of real-world assets. The project incubated by ChromaWay seeks to cater to the increasing market for digital asset investment by providing institutional-grade assets that are only available to financial institutions.
Phlomis Finance will allow crypto investors access to financial products such as credit, debt, and equity that were hitherto preserved by large traditional institutions. Through tokenization of real-world assets, the platform plans to bring in large ticket assets that include global infrastructure projects and private credit offers. The project aims to develop “resilient investing” in leading European and Asian funds with an emphasis on the transparency of transactions and financial results.
Phlomis Finance’s use of Chromia’s Real World Asset Protocol offers distinct advantages in scalability and document storage. Chromia’s architectural design of a relational blockchain ensures that it solves some of the problems that are seen in typical blockchain systems when it comes to working with documents.
Chromia co-founder Henrik Hjelte highlighted that the blockchain’s relational nature enables the storage of intricate files, which go a long way in solving some of the biggest problems with conventional systems. This feature is beneficial for the scalability and smooth running of tokenization projects, especially for big operations.
It is important to note that the native CHR token, previously traded on Ethereum and BNB Chain, is currently deployed within Chromia. This integration makes CHR transactions faster and cheaper and, therefore, improves the platform’s user experience.
Major Financial Institutions Explore Tokenized Real-World Assets
Phlomis Finance plans to launch its first tokenized products by Q4 2024 to capture a growing market in tokenized real-world assets, which could reach $30.1 trillion by 2034. Phlomis Finance Managing Director Todd Miller noted that most platforms experience challenges due to costs and document accessibility. To address these challenges, Phlomis has recently integrated Chromia’s CRWA to ensure that investors have a smooth experience.
With the increasing integration of the digital and traditional worlds, Phlomis Finance has the potential to capture a significant share of the market and help crypto investors gain exposure to high-quality institutional-grade assets. This is evident in the fact that major financial institutions such as Bank of America and BlackRock have started exploring tokenized real-world assets, which is the start of a major change in financial markets.
It was recently announced that the MMO game My Neighbor Alice will be integrating with Chromia’s mainnet, which is gradually becoming a network that can accommodate both retail and institutional investors. With the addition of more projects, Chromia can prove that its technology is agile and can help developers build strong applications that hold data and retrieve it effectively.
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