Monsoon Blockchain adds partners

Monsoon Blockchain adds partners in fintech, film, digital assets, and insurance

It’s hoped that the collaboration will create ‘a global powerhouse in the U.S. and Asia to harness the power of blockchain solutions for business needs’

An Asia-based blockchain company focused on digitizing assets has announced new partnerships with firms elsewhere on the continent, as well as in the U.S.

Monsoon Blockchain Corp. said in a release it has struck a deal with cryptocurrency exchange OSL, the venture capital firm DraperDragon Fund, CarbonBlue Innovations, and Cross Creek Media—all with a view to “creating a global powerhouse in the U.S. and Asia to harness the power of blockchain solutions for business needs.”

Monsoon Blockchain adds partners
Monsoon CEO Don Basile

The company believes trillions of dollars of assets are going to be tokenized in the 2020s—increasing the availability of assets that were once difficult to trade and own. As well as building software for clients, Monsoon consults businesses on how blockchain can be utilized, and devises tokenization strategies on their behalf.

Monsoon’s low-cost cloud computing blockchain solutions use an Ethereum-based blockchain. It has previously secured deals with the likes of Alibaba and IBM. Back in January, the Chinese smartphone retailer Dixintong acquired a minority stake in the U.S.-based startup.

A big deal

Each partnership is set to bring something else to the table. Through its collaboration with OSL, an exchange that manages more than $1.5 billion a month in digital asset trades, Monsoon said its goal is to “accelerate the drive towards the digitization of assets, currencies, money and decentralized blockchain ledgers.” 

New digital assets and tokens are also going to be launched, and it appears these virtual currencies will mainly be focused on the media and telecommunications sectors.

The tie-up with  blockchain and fintech infrastructure provider CarbonBlue Innovations, aims to integrate Monsoon’s cloud computing capabilities on top of the Blockchain-based Service Network (BSN) infrastructure. Monsoon said it soon plans to join the BSN, a global protocol that allows companies to connect to different blockchain ecosystems.

CarbonBlue chairman Michael Sung said the collaboration will enable its clients “to leapfrog into the future of finance” by using low-cost cloud computing that’s based on the blockchain.

He added: “With this partnership, we will be able to offer compelling low-cost solutions to enable SMEs (small and medium enterprises) globally to join the digital economy, which will massively drive self-sufficiency and financial inclusion in these developing regions.”

While the DraperDragon Fund is focused on financing seed-, early-, and mid-stage technology startups, Cross Creek Media is an Academy Award-winning film studio that hopes to use token offerings to streamline digital content management systems and reach a broader audience around the world. Its films include “Black Swan,” “Rush,” and “Everest.”

Dr. Donald Basile, Monsoon’s founder and CEO, pointed to Gartner research that suggests more than $3 trillion of value to businesses is going to be added by blockchain technology—and said deals like this make such figures “increasingly likely.”

He went on to say: “[T]he breadth of participants in this deal demonstrates the significant impact blockchain will have across a wide variety of industries. Tokenization of asset classes has a tremendous upside on both the investment level and security level.”

Blockchain Marshals Risk

Monsoon also announced a partnership this month with Marsh, the world’s largest insurance broker and risk adviser. It will allow the firm to offer clients “a range of risk management and risk transfer solutions for digital assets and investments,” the company said in a release.

The deal with Marsh will allow Monsoon to offer clients “insurance and risk management programs and risk advisory” services, said SinChee Saw, director of partnerships at Monsoon Blockchain Asia.

“There has been a net expansion of insurance capacity available for digital asset risks in the past twelve months,” he said, adding that the amount of coverage offered to clients “will depend on a risk-by-risk basis.”

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Connor Sephton is a journalist with an interest in cryptocurrencies, personal finance, and financial inclusion—as well as the challenges the crypto industry faces in achieving mainstream adoption. He owns cryptocurrencies.