Adhara has partnered with Ownera for tokenization interoperability. The goal is that together, the two tech firms provide financial institutions with access to digital cash and collateral across different blockchain platforms.
Adhara is best known as the technology partner for the Fnality tokenized payment solution, which is backed by 20 global institutions. However, Adhara also provides other independent solutions, including for tokenized deposits, CBDC and liquidity. Plus, it has a contract with the Bank of Spain for a wholesale CBDC solution to support tokenized deposits.
Additionally it is working on Harmonia, the blockchain interoperability solution which is a Hyperledger Lab jointly started with R3, the developer of the Corda blockchain. Adhara uses Ethereum-based technology, so Harmonia helps with interoperability between the two different blockchains.
Ownera’s FinP2P takes an entirely different approach. Rather than attempting to make the blockchains interoperate, FinP2P is a routing network, which doesn’t use blockchain itself. Hence, an institution can choose to purchase an asset on one blockchain and settle it with money on another. Instead of integrating with multiple blockchains, the institution only integrates once with FinP2P via APIs. This uses FinP2P receipts.
However, FinP2P additionally supports orchestrated settlement using the cryptographic proofs used in blockchain interoperability. Hence, it provides options, and Adhara plans to support both.
“By seamlessly connecting Adhara’s expertise in digital cash and liquidity management with Ownera’s innovative routing technologies, we are setting a new benchmark for how financial institutions can have more options in the box to quickly and cost effectively integrate once internally with DC Commander (Adhara’s Digital Cash Commander) and connect many times including to all networks Ownera enables,” said Ed Budd, Adhara co-founder.
FinP2P’s connectivity
FinP2P supports transactions across the different institutional networks as well as public blockchains, through partnerships with JP Morgan, R3, and the Canton network. It also has a collaboration with FIX, the front office messaging standard. During 2022 it was involved in a demo of a Repo transaction involving different DLT networks – JP Morgan’s Onyx and the HQLAᵡ collateral network.
HQLAᵡ is getting ready to launch a repo solution in conjunction with Fnality, but we understand that leverages the Fnality Atomic Settlement Protocol (ASP). Hence, we don’t believe that one will use FinP2P. This alliance is for Adhara’s solutions, rather than Fnality.
Meanwhile, Ownera’s results for the 2023 financial year were recently released, showing a loss of £5.2 million ($6.8m), to be expected of a tech startup. However, it’s still in a comfortable financial position as it raised a $20 million funding round that included JP Morgan in late 2022.
Update: added FinP2P’s support for cryptographic proofs
