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Bermuda’s Num app unveiled by fintech company

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Agustin Liserra, CEO of Num Finance (File photograph)

A Bermudian-based tokenisation company is one of two applications unveiled by the newly launched Numun Ecosystem.

Num Finance Ltd was registered by the Bermuda Registrar of Companies on January 31 as an exempted company limited by shares.

Numun said Num, the first app of the Ecosystem, specialises in tokenising traditional finance assets, including exchange traded funds, stocks and bonds.

In 2023, it said, Num successfully closed a $1.5 million pre-seed funding round to work on its first MVP (minimum viable product), emerging market stablecoins, which garnered 500,000 users within its first year.

It added that Num now aims to achieve global reach by tokenising traditional finance assets into fully backed, permission-less forms known as nTokens, bridging the gap between the traditional finance and decentralised finance realms.

Numun said the second app in the Ecosystem is Vectium, an innovative RWA (real-world asset) lending protocol that harnesses the power of nTokens to facilitate financial interactions, enabling users to lend and borrow stablecoins against nTokens and soon more RWAs.

This system also supports users in leveraging and hedging traditional finance assets in a manner that is both permission-less and secure.

All activity takes place on the Ethereum network.

Agustin Liserra, CEO of Num Finance, said: "Numun ignites the power of synergy between transparency and innovation. Our commitment lies in steering the course of finance towards a future where accessibility, security and empowerment are not just ideals, but everyday realities for DeFi (decentralised finance) users.

“As we unveil Numun to the world, we stand on the brink of a new financial era — one that we are proud to shape and lead."

Central to orchestrating the Numun Ecosystem, the company said, is the Numun Token, which employs a unique value accrual mechanism.

Up to 40 per cent of the revenue generated by the lending protocol is allocated to a buy-back-and-burn strategy for the Numun Token, which will be used across all of the apps within the ecosystem, ensuring its value is intrinsically linked to the success of Numun as a whole.

Numun Ecosystem is partnering with Impossible Finance to bring the Numun Token to the market.

Calvin Chu, cofounder and core builder of Impossible Finance, said: “Num's and Vectium's approach to bringing permission-less tokenised assets is the correct way to maximise interoperability. The strategy to bring a wide coverage of financial products on-chain is definitely filling a gap in the current landscape."

Calvin Chu, cofounder and core builder of Impossible Finance (File photograph)

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Published April 22, 2024 at 5:38 pm (Updated April 24, 2024 at 3:34 pm)

Bermuda’s Num app unveiled by fintech company

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