DigitalX revels in blockchain move into high net worth and genomics markets

Fintech provider DigitalX (ASX: DCC) is maintaining its strong blockchain and ICO-powered commercial momentum, announcing two more clients to be added to its advisory roll call which already includes multiple companies working on blockchain development projects and Initial Coin Offerings (ICOs).

Just last week, DigitalX reported a stellar net profit after tax of $8 million for H2 2017.

Over that period, its share price has risen from around $0.04 per share to as high as $0.40 per share in January 2018; currently trading at $0.26 per share around 6% higher in morning trade on the back of its two newly-signed deals with Bankorus and Shivom.

DigitalX said that demand for ICO-related services was strong enough to warrant the fintech provider organising dedicated conferences in Perth, Sydney and Melbourne being held this week.

The company hopes to use the trifecta of roadshows to showcase the current blockchain-enabled capabilities being made possible by start-up companies seeking grassroots funding.

DigitalX announced that it has been appointed as a corporate adviser to Shivom, a grassroots company furthering a blockchain-powered genomics project, and Bankorus, a blockchain-powered platform for high net worth (HNW) individuals.

Both companies were nominated as finalists in the Global Blockchain Competition, a prestigious award for up-and-coming fintech ventures that best utilise blockchain and Distributed Ledger Technology (DLT).

New clients in a newly-found digital landscape

Bankorus is the world’s first private wealth management platform powered by artificial intelligence (AI) and built on the back of blockchain technology which allows for greater datasets to be managed more efficiently.

Bankorus says its team built the first “robo-advisor” in China that now services more than 200,000 high net-worth clients with over US$30 billion in assets under management.

“DigitalX continues to strengthen our reputation for ICO advisory services and is now working with the world’s most promising Blockchain companies as they raise capital to deliver their vision,” said Leigh Travers, CEO of DigitalX.

According to DigitalX, the global cryptocurrency market is worth US$500 billion, but is “dwarfed by the HNW market, which is estimated to be worth more than US$60 trillion.”

The contrast in size and magnitude means Bankorus and DigitalX have an opportunity to be the first fintech companies to develop a blockchain-powered platform exclusively aimed at high net-worth investors.

DigitalX specialises in conducting ICOs and helping companies develop the end-user technology they need to further their purported business models.

By remaining industry agnostic, DigitalX is working with companies from all sectors to further their utilisation of blockchain, DLT and cryptocurrencies if required, depending on the project.

“Demand for high-quality ICOs is growing in 2018 and DigitalX is pleased to be working with companies that already have an established global market for their technology,” said Mr Travers.

According to DigitalX, the Bankorus token sale is currently at a “pre-ICO stage” which it will be furthering via providing technical expertise, marketing and promotion services, as well as introductions to its network.

The terms of the deal stipulate that DigitalX will be paid in a mix of cryptocurrency (Bitcoin/Ether) and native tokens in the project.

Blockchain powered genomics

In concurrence with its industry-agnostic stance, DigitalX has also agreed a deal with Shivom, a novel genomics project that wants to utilise blockchain and DLT to create “the largest genomic data-hub platform in the world”.

“Shivom’s medical genomic ecosystem will offer an open web-marketplace for contributors and health providers to add their apps and services, alongside genomic data analytics and personalized medicine,” said Mr Travers.

In principle, Shivom wants to create a commercially viable hub for health and medicine. According to the start-up, it will “enable DNA data donors to collaborate with revolutionary changemakers in biotechnology, healthcare industry, and government-ordained research institutes and contribute to an unprecedented era of medical marvels.”

DigitalX has been tasked with helping Shivom build the required infrastructure and raise the required financial backing via a potential ICO, giving Shivom token holders access to their own genomic data, permission and privacy rights and optionality for sharing data across other providers and companies.

The project underscores the crypto-led way of thinking which relies on multifaceted innovation and multiparty collaboration across multiple platforms and geographies.

This type of dynamic connectivity which allows for real-time secure access is what blockchain and DLT were originally designed to achieve – and exactly what start-ups such as Bankorus and Shivom have hired DigitalX to help facilitate for their respective businesses.

Shivom is also at the pre-ICO stage with DigitalX expected to provide its technical expertise, marketing and promotion services in exchange for US$500,000 in Ether, a prominent cryptocurrency, and will receive US$1 million in native (OMX) tokens in the Shivom project.