Keon selects Algorand as L1 solution for regulated DeFi asset management ecosystem
The directors of the Keon Foundation, which will serve as the virtual asset service provider (VASP) for the Keon Finance Ecosystem (Keon), announced today it will go with Algorand as its layer-1 blockchain.
Keon’s initial focus will be on the development of KeonX, a permissioned, decentralized exchange created to be one of the lowest-cost DEXs available, as well as the introduction of KeonFi. In this marketplace, investors can explore and subscribe to investment strategies and maintain custody of their assets.
A derivatives DEX (KeonXD), IDO LaunchPad, Farm Auctions, and the Keon NFT marketplace are among the ‘Phase 2’ products that will form a broader Keon Finance Ecosystem, all leveraging Algorand. Moreover, the Keon Foundation plans to apply for a digital assets business license in Bermuda once the protocol is built, which will allow users to access regulated products and services.
“We evaluated a number of other chains, but none of them compared to Algorand. Given the complexity of the Keon Ecosystem and our ambitious plans for growth, we found them to offer the best technology. Algorand’s ASA token standard and its programming infrastructure are more robust and offer increased features, flexibility, and security over other level-1 blockchains, which is a significant advantage in the regulated space. Additionally, Algorand has had 0% downtime. That level of dependability is essential if we want institutions to participate.”
– Kunall Parmar, Chief Technology Officer of the Keon Foundation
The Keon Foundation expects completion of the KEON token and smart contracts by early Q3 2022.
“We’re excited to welcome the Keon Foundation to the ever-growing Algorand ecosystem,” stated Keli Callaghan, Head of Marketing at Algorand. “It’s great to see yet another organization leveraging best-in-class technology to accelerate tokenized asset management at the institutional level.”
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