Article by Kate Park, Mergermarket
TrustVerse in talks with potential partners for overseas expansions; eyes ICO and IPO – CEO
27 APR 2018
TrustVerse, a Singapore-headquartered AI-based blockchain wealth management platform developer, plans to expand business into Southeast Asia, Japan and China, co-Founder and Chief Executive Officer (CEO) Michael Kiook Jeoung told this news service.
Established in 2018, TrustVerse is in talks with potential overseas partners, but remains open to approaches from Hong Kong, China, Japan, Indonesia, Vietnam, the Philippines and Thailand, Jeoung said.
Japan, is an aging society that brings high demand of succession, while China has many potential individual clients, Jeoung said.
The company will also soon open offices in Hong Kong and Silicon Valley to expand business in these regions, Jeoung added.
TrustVerse is open to joint ventures or equity tie-ups for entries into overseas markets, Jeoung said.
Ideal partners would include tech giant companies and financial companies such as asset management and insurance companies, he continued.
The company plans to raise USD 48m funding via Initial Coin Offering (ICO) in the first half of 2018, with an estimated market capitalization of USD 120m, Jeoung said.
The ICO proceeds will be used for operation, staffing and expansions, Jeoung added.
Apart from the ICO plan, TrustVerse is in talks with several financial investors interested in the company, Jeoung said.
TrustVerse, currently busy with research and development as well as talks with potential partners, plans to launch its service in February 2019 and considers raising funds from financial investors around end-2019 after the company generates sales, aiming 2019, Jeoung said.
TrustVerse also plans to go public as early as 2020 in Hong Kong or the US, Jeoung noted.
The company product will provide stable, low-risk medium-return service by using Al-based (deep neural learning) platform, which expands financial status with sophisticated algorithms, and its blockchain platform, which is developed by internal engineers, Jeoung noted.
Its AI validated assets rebalance product composition automatically according to market volatility, he said.
The company will provide wealth management services for traditional (global equity) and virtual asset (cryptocurrency) to secure and protect wealth and assets of its clients, Jeoung said.
Its core technologies include financial service, lifecycle service (bestowal and inheritance), avatar service that uses AI deep learning based on personal messenger, Jeoung said.
The company has 15 employees globally as of April 2018.
Jeoung and another co-founder Steven HJ Park own a 100% stake in TrustVerse.
by Kate Park