Serica , formerly DigitalTangible , announces the December closure of its hard assets and BlockChain trading business that linked precious metals and other hard assets to the Blockchain via a browser-based trading wallet.
The company was one of the first to bridge the old world of precious hard assets to the new world of the Blockchain. It spent a year and a half building and developing the world’s first and only commercial bitcoin2.0 digital asset trading wallet and now says goodbye to the markets and customers that launched the company in 2014.
Their innovative technology gave trading customers full control of their private keys that authorized the movement of their physical assets, anywhere in the world. In addition to converting hard assets into blockchain tokens, Serica built a network of global custodians in Singapore , Switzerland , Argentina and the United States . Asset trading included mostly precious metals, but also stock certificates, stored commodities and farmland titles.
Serica founder and CEO, Taariq Lewis, shares his thoughts on exiting the precious metals industry: “We were lucky to have the early adopters of new blockchain services come to us to make the impossible a reality: Hard assets secured by the blockchain with easy Peer-to-Peer trading. However, we are exiting this market to identify new opportunities in FinTech on which we can continue our company’s growth. There are many others doing great work in this Space and we think they will continue building where we have left off.” US Regulatory Nightmare Taariq Lewis further explains the reasons for closure to Cointelegraph: “Our competitors have easier legal clearance and seem to have the budget to cover the compliance costs needed to serve this business. The compliance costs to our company were simply too great for a technology startup at our stage of growth. We are […]
