There’s been a major shakeup in the fintech space, as two prominent blockchain companies have announced a merger.
Yellow.com, Inc. and Openware, Inc., both located in San Francisco, are joining forces to create a global settlement network for their customers.
The companies will operate under the new name Yellow Group. The combined brand has over 120 employees worldwide with multiple offices and coworking spaces in the United States, UK, France, Thailand and Ukraine.
“We share a common vision and our competence and technologies are complementary – one has market-making capabilities, and the other one is building financial exchange platforms,” Alexis Sirkia, founder of Yellow and executive chairman of the new company, said in a press release.
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Yellow is a crypto market maker providing startup seed funding, mentorship, advisory, data analytics and fintech software solutions. Yellow also boasts a vibrant blockchain community through its co-working hub in Chiang Mai, conferences, meetups and entertainment for digital nomads.
Meanwhile, Openware builds next-generation blockchain infrastructures and leads the development of innovative fintech projects. The company was built upon the vision of a safe, transparent and universally accessible financial ecosystem through blockchain and DeFi (decentralized finance) integration. OpenDAX by Openware is a modular platform for building crypto exchanges, NFT (non-fungible tokens) marketplaces and digital banking with built-in liquidity.
The company has spent the past decade servicing European retail banks, shifting their focus to the blockchain industry with the release of OpenDAX for building digital asset trading systems. To date, Openware has shipped over 150 trading platforms to its clients.
“Our merger allows us to increase our capacity and implement our common vision – a secure financial network powered by blockchain settlement,” said Louis Bellet, founding partner and CEO of Openware, who is now taking the position of CEO of Yellow Group. “The goal is to build together a global Web 3.0 network of financial exchange with shared liquidity.”
The Yellow Group is now focused on the development of a distributed liquidity network for exchanges and institutions scaling to billions of transactions. The latest development is a worldwide financial information exchange network combining order books of all participants, designed for the Web 3.0 Internet of Finance scale powered by state channels technology. Yellow.org is an example of brokerage powered by the new OpenDAX v4 software, accessible to startups and entrepreneurs willing to build a trading platform.
The fintech industry has experienced accelerated growth during the COVID-19 pandemic, as consumers’ willingness to adapt to new digital financial services intensified amidst all of the uncertainty. As consumers continue to embrace the digital age, transitioning all aspects of their lives from physical interaction to online-only transactions, fintech is expected to surge in popularity.