When he is not gardening or programming ‘for fun’, Jin Chen, CEO of String Funding is working on developing a crowdfunding platform based on Distributed Ledger Technology (DLT) and smart contracts. The creation of a token, using blockchain technology, significantly reduces transaction cost. The tokens created through the purchasing transactions on String Funding are backed by the value of the products and services.
What type of company uses your service? How much money do they typically raise?
String Funding is a crowdfunding platform embedded with Distributed Ledger Technology (DLT) and smart contracts. Innovatively DLT enabled utility tokens can assist businesses to pre-sale goods and services and connect with current and potential customers around the world. With local and global access, our platform could have tremendous positive impact on Fintech industry.
We have launched our first project Octowallet on 6th September. Octowallet is the first hardware wallet that supports cryptocurrency transactions through your mobile app. Currently compatible with Android phone and will support iOS in the near future.
String Funding services any business that requires funds to launch projects and/or scale up. It is potentially attractive to SME especially those with franchises business model.
The funds raised will vary according to the nature of each business and its marketing capability. We believe that our String Funding platform will help business realise their projects and raise funds with a higher degree of safety, efficiency and trust than they would through conventional platforms.
What benefits does running the platform on blockchain technology give to your users?
String Funding is practicing reward-based crowdfunding. Project promoters allow crowdfunding supporters to enjoy substantial product discounts as a reward for helping them realise their visions. The creation of token, using blockchain technology, significantly reduces transaction cost. It is far easier to do instant payment and reward distribution not mentioning its self-verification feature on chain. Giving more options to supporters provides more value to the token. Hence an overall better efficiency is achieved, for all parties.
It is important to note that String Funding does not follow ICO principles, which are purely based on ideas and unfunded promises. The tokens created through the purchasing transactions on String Funding are backed by the value of the products and services. However, unlike any other crowdfunding platform, the tokens created by our project supporters can be used to redeem products or conveniently traded on our exchange platform for a higher profit.
String Funding not only cuts out the middleman but also builds a “token economy” where every stakeholder shares the profit with the business and customer enjoys the lower price.
How was String Funding founded – give us your origin story.
I founded String Funding while witnessing the loopholes of ICOs and I felt that there has to be safer and more reliable systems for businesses to raise funds and test the market.
During that time, I was studying the economy principles underlying blockchain technology. I was inspired by Coase theorem, and realised that blockchain technology largely reduces transaction costs. As a result, I wanted to create a platform to help deliver customer value by aligning it with crowds’ interests.
Just like the internet has digitized information, I believe that Blockchain Tech digitizes value leading the next biggest change of technology in human history. Under this vision, value distribution will be constantly optimised and everyone will get their fair share as they contribute.
As part of implementing this vision, String Funding provides an opportunity to discover “value distribution” principles by adopting the use of digitalised tokens.
There is a huge FinTech community in Australia – How does that ecosystem encourage and promote FinTech businesses?
Blockchain Technology is a sharing ecosystem. As a company that operates in this space, we are passionate about working with other business to grow the FinTech industry and educate people who are yet to understand the intricacies of this field.
We like to be active in the community by joining forces with other business including the Australian government. I was invited to a Treasury meeting early this year discussing how this technology would help shape the future of the Australian Fintech industry.
When you’re not supporting SMEs raise funds and grow – how do you wind down? Let us know your tipple of choice? What would be on your music playlist?
Business is quite busy at the moment. However, as part of my routine, I practice TaiChi as I enjoy the tranquility that it brings. On weekends I enjoy doing a bit of gardening, and time permitting, I may choose to do some programming too, for fun. Programming is my passion.
My music list is a radio station, which removes the stress of picking songs. “Life is like a box of chocolate”, I enjoy the moment without knowing what‘s next to play.