To demonstrate the use case and commercial viability of Unido Enterprise Platform (EP),
it is helpful to compare with an established digital asset management
platform which has built in DeFi options. Enzyme (MLN) has been selected
for competitor comparison and analysis, given it launched in July 2016
and provides similar services and features as EP, albeit delivered in
very different formats.
Enzyme is delivered in two parts, a front end website for asset
management and an Ethereum-native blockchain protocol to deploy custom
liquidity pools, allowing investors to deploy their digital assets
(limited to Ethereum-based tokens) in yield returning activities,
without the use of investment managers, hedge funds, or other fund
management companies.
Given on-chain assets on the Enzyme platform are governed by a
client’s single private key, the product offering is only suitable for
individuals willing to take responsibility for their private key. There
is no multi party signoff or compatibility with 3rd party signing
custodians, meaning partnerships comprising several members, or
sophisticated organisations such as enterprises and asset managers are
unable to utilise these types of solutions, due to lack of corporate
governance processes around security and operation of transaction
signing.
In comparison, the product offering of EP delivers an integrated
custodial function, which is cross chain interoperable, and has
blockchain-level multi party sign-off for private key operation, making
it suitable for all investor classes, including the underserved
enterprise and asset manager investor segment. EP offers a Defi
dashboard, which aggregates various 3rd party yield farming and staking
solutions over various digital assets on multiple blockchains, presented
as an investment “market place”. EP will also include access to
tokenized real assets, such as precious metals and hard assets,
broadening the investment options beyond blockchain-native utility
tokens.
Despite Enzyme’s limitations regarding addressable market due to lack
of key management solutions enabling sophisticated investors to use
their platform, they have demonstrated; 1. Investors demand easy to use
investment platforms to derive a yield from their digital assets, and 2.
Investors are willing to pay fees to utilise such services.
Enzyme has been extremely successful in attracting retail investors
to their platform and have over $90 million in assets under management.
In recognition of this AUM and future growth potential, the market has
ascribed a market capitalisation of over $126mm to $MLN (the protocol
governance token), based on a current token price of $69.41 (fully
diluted value, as of 27/07/2021).
In comparison, EP core technology is already built and the Defi
dashboard will launch in 3Q2021 and is equipped with functionality to
address a much wider client base. The fully diluted, post token burn
market capitalization of $UDO (the utility token used for governance and
services payment) is currently $7.36mm based on token price of $0.08
(as of 27/07/2021).
The Unido leadership team view Enzyme as an excellent example to show
the commercial attractiveness of the asset management dashboard space
in cryptocurrency. $MLN trades at a 17x premium to $UDO (as of
27/07/2021), which would appear to be the result of
Enzyme being in the market for several years, opposed to EP entering now.
The Unido leadership team are very excited by $MLNs market appeal, given
the EP product can compete directly with Enzyme for the retail investor
segment, but also can win enterprise and asset manager business, which
represents significantly greater AUM possibilities.
About Unido
Unido offers a
suite of crypto custody solutions for enterprise and institutions, based
on a state of the art fragmented private key signing engine, allowing
distributed transaction signing at the blockchain level and providing
corporate governance framework over crypto ownership.
This level of corporate governance workflow and security technology
is needed by sophisticated organizations to confidently take the leap
into crypto, augmented with a Defi investing dashboard to make earning a
yield on digital assets a point-and-click activity.
source link : https://news.bitcoin.com/unido-leading-the-race-at-bridging-institutional-investors-to-crypto-markets/
