JAKARTA - Union Fintech, Singapore-based fintech company, today announced the launch of Union Chain, a ZKsync technology-based blockchain platform supported by regulated crypto exchanges and a real World Assets/RWA tokenization platform licensed in Southeast Asia, including Coinhako, INDODAX, Coins.ph, Coins.co.th, InvestaX, and IXSwap.
Union Chain is designed to bridge the world of crypto and traditional financial TradFi' by connecting leading centralized crypto exchanges (CPto ExchangeCEX) as well as licensed real-world asset tokenization actors using front-end blockchain technology.
With this, Union Chain opens up market opportunities and opportunities for new use for digital assets as well as tokenized financial products, reaching crypto users and potential new investors.
Union Chain will be led by Wei Zhou as Chairman (CEO Coins.ph and former CFO Binance) and Junde Yu as CEOs (former VPs in Cobo and MD/GM in Data.ai).
Union Chain is here to address the challenges of fragmentation, regulation, and interoperability between traditional finance and crypto. By leveraging regional licenses, fiat-crypto conversion services (on/off-ramp), local stablecoins, as well as partner exchange networks, Union Chain provides comprehensive solutions for industry players in terms of licensing, fiat integration, and asset distribution.
Several key sectors that are the focus of the development of Union Chain in the trial stage (testnet) include:
Real World Asset Tokenization (Real World Asset RWA): Thanks to the expertise and license of InvestaX (CMS, RMO) as well as regulated crypto exchanges, Union Chain presents a comprehensive solution in asset tokenization, ranging from structuralization, issuance, tokenization, distribution, to smooth fiat integration.
Badminton Regional Company Adoption: Armed with licensing, expertise, user access, and team support at the regional level, Union Chain is ready to present regulated blockchain solutions in accordance with local regulations to accelerate adoption in the Southeast Asian market and wider.
Wide Market Access Watch: Developers at Union Chain can access more than 20 million users who have passed KYC verification in the market with a total of 600 million potential users. In addition to the founder's exchange, Union Chain will also provide grants for exchanges and developers to expand the ecosystem globally.
This initiative marks a major step in the evolution of blockchain technology. By integrating the Union Chain infrastructure which is regulated by the scalability and security of ZKsync, the project will transform traditional web3 and financial spaces, providing unmatched compliance, reach and sophistication of technology.
The choice of regulated crypto exchanges in Southeast Asia to use ZKsync technology further confirms that the Elastic Network is the main ecosystem for entities that want to tokenize assets. The ZK Stack infrastructure allows financial institutions to issue and manage RWAs that are in accordance with regulations through Union Chain.
In addition, by integrating regulated exchanges and publishers, Union Chain will facilitate crypto liquidity flows into TradFi through increased distribution, packaging, and better fiat capabilities, so financial institutions can enjoy lower transaction fees, more liquidity sources, and higher yield potential through trusted on/off-ramps.
Wei Zhou, Chairman of Union Chain and CEO of Coins.ph, stated that they are excited to cooperate with the latest ZKsync technology and regulated crypto exchanges in Asia to bring crypto liquidity and innovation to the world, setting new standards in user compliance and security.
Alex Gluchowski, Co-Inventor of ZKsync, added that the integration of ZKsync with Union Chain is an important moment in the evolution of blockchain technology.
The communication between the scalability and security of ZKsync and the Union Chain's regulated infrastructure is a major step in bridging crypto and traditional finance, as well as shaping a global financial future. This is proof that blockchain can drive innovation, open new opportunities, and serve millions of users around the world," he said.
Julian, CEO of InvestaX & IX Swap, stated that the Union Chain presents a Layer 2 RWA solution on Ethereum that is in accordance with institutional standards, linking millions of crypto users to regulated financial infrastructure.
This ecosystem allows fiat conversion to stablecoins and direct investment into RWA tokens on six licensed platforms, as well as smoothing the flow of crypto liquidity to the TradFi market. With a compliance-centric approach, every partner in this ecosystem is licensed entities, ensuring trust and accessibility for institutional and retail investors," he said.
One of INDODAX's Directors, William Sutanto, added that Union Chain is a big step for the digital economy of Indonesia and Southeast Asia.
We see great opportunities to take advantage of blockchain, DeFi, and tokenization in overcoming financial challenges in developing markets. By enabling safe and transparent RWA-based funding solutions, we support SME business growth," William said.
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