Phlomis Finance to Offer Real-World Assets on Chromia Mainnet
Stockholm, Sweden, October 15th, 2024, Chainwire
The project will deliver novel solutions for RWAs, a market projected to grow to $2 trillion by 2030 according to McKinsey & Company.
Phlomis Finance is set to leverage Chromia’s relational blockchain infrastructure and its custom-built Chromia Real World Assets Protocol (CRWA) to provide innovative solutions in the tokenization of real-world assets. The project, incubated by Swedish blockchain company ChromaWay, aims to tap into a rapidly growing market.
By tokenizing real-world assets, the platform aims to connect crypto investors with a range of conventional financial credit, debt, and equity instruments that have traditionally been limited to established financial institutions. This approach intends to remove barriers and provide easier access to institutional-grade large-scale assets, including global infrastructure projects, climate-focused initiatives, and private credit offerings. The platform will focus on what it refers to as “resilient investing” by tokenizing leading funds in Europe and Asia. The platform will bring greater on-chain transparency to transactions, but also to financial and impact results.
The convergence of digital assets and traditional asset classes, including fiat currencies, debt, equities, and real estate, is anticipated to drive significant changes in financial markets. Major players, including Bank of America and BlackRock, are already recognizing the transformative potential of this shift.
Central to Phlomis Finance’s strategy is the adoption of Chromia’s Real World Asset Protocol. This protocol offers distinct advantages for the tokenization of real-world assets. Henrik Hjelte, co-founder of Chromia, stated that “Chromia’s relational blockchain provides enhanced scalability and the ability to store complex documents on-chain, addressing limitations seen in traditional blockchain systems.”
Todd Miller, Managing Director of Phlomis, emphasized the challenges that current RWA solutions face, noting, “Many existing platforms struggle with scalability, high transaction costs, and limited access to essential documents. By utilizing Chromia’s infrastructure and CRWA, we aim to effectively address these pain points and create a seamless experience for investors.”
Following the public launch of its website, Phlomis Finance is preparing to introduce its first tokenized products in Q4 2024.
About Chromia
Chromia is a Layer-1 relational blockchain platform that uses a modular framework to empower users and developers with dedicated dapp chains, customizable fee structures, and enhanced digital assets. By fundamentally changing how information is structured on the blockchain, Chromia provides natively queryable data indexed in real-time, challenging the status quo to deliver innovations that will streamline the end-user experience and facilitate new Web3 business models.
About Phlomis Finance
Phlomis Finance connects crypto investors with high-impact European and Asian funds, offering institutional-grade, on-chain investment opportunities. The platform provides transparency and stability in any market with real-time financial data, impact metrics, and stablecoin-based payouts. Its intuitive interface streamlines digital onboarding, investment tracking, and performance reporting, helping investors focus on long-term growth and adaptability.
