How the idea of Serenity project was born January 27, 2018 – Posted in: News
Serenity is the first blockchain escrow for financial markets. Its ICO has started just 2 days ago, and the investment is already nearing $1 million. Such success is very common for projects with strong teams behind them. Most of the Serenity team members worked for a long time in the retail financial industry providing services for private traders in online currency and CFD trading. Part of the team has worked on the side of the broker — as an intermediary between the trader and the exchange, others have been engaged in the development of software for brokers, some members of the team are traders. Everyone has accumulated a lot of experience in their area.
Over the years of working in the financial services industry, they saw traders losing their funds to dishonest brokers or exchanges. The most frequent causes of losses are: the broker supplies quotes that differ from market quotes, the broker cancels profitable transactions, fraud.
According to Serenity team:
For example, in China, there was a lot of scandals with licensed brokers involved, which interfered in trading process and did not return profits. Then we asked ourselves how we could make the market truly safe. We’ve decided to find the solution to that — something universal and easily accessible all over the world. What will improve the quality of services and at the same time reduce their cost? So, after a while, the Serenity project was born, The First Blockchain Escrow for Financial Markets!
- Technologies used by intermediaries in the financial markets are outdated and can not provide the necessary level of investor protection.
- Over the years of the of private trading existence, centralized regulation (state regulation) has not been able to provide a universal mechanism for protecting funds from fraud. And we are deeply convinced that it will never be able to.
- State regulations are not able to protect traders from other countries.
- Regulators are not able to quickly respond to the problems.
- Regulation is costly for both the broker and private investors.
- The financial market needs to change.
- Traders deserve the transparent market.
- Investments of private traders should be protected.
- Traders from any country have the right to a fair arbitration.
Serenity team is against classical regulation and believes that it is a clumsy, expensive and an inefficient intermediary between the broker and the trader. It does not solve such problems as transparency of transactions, cheaper services, decentralization, and the right to challenge their transactions. The only technology that can solve these problems is blockchain, according to the team.