FQX is developing a short-term financing and payment instrument, the eNote, which the funding should help scale. The eNote is an unconditional promise, based on blockchain technology, to pay a specific sum to another party at a specific future date and can be flexibly sold and transferred to any third party. Banks or fintechs can integrate this eNote infrastructure into their financing platforms.
Venture capital investor Earlybird led the financing round with participation of financial service company SIX’s corporate venture arm. eNotesTM are based on ‘promissory notes’, which were formerly a written legal instrument, in which one party promises to pay a determinate sum of money under specific terms. FQX has a patent-pending authentication mechanism based on regulated electronic signatures provided by telecommunications provider Swisscom.
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