Adhara has partnered with Ownera for tokenization interoperability. The goal is that together, the two technology companies will provide financial institutions with access to digital money and collateral across different blockchain platforms.
Adhara is best known as the technology partner for the tokenized payment solution Fnality, which is backed by 20 global institutions. However, Adhara also provides other independent solutions, including for tokenized deposits, CBDCs, and liquidity. Additionally, it has a contract with the Bank of Spain for a wholesale CBDC solution to support tokenized deposits.
Additionally, Adhara is working on Harmonia, the blockchain interoperability solution that is a Hyperledger lab launched jointly with R3, the developer of the Corda blockchain. Adhara uses Ethereum-based technology, so Harmonia helps interoperability between the two different blockchains.
Ownera’s FinP2P takes a completely different approach. Rather than trying to make blockchains interoperate, FinP2P is a routing network, which doesn’t use the blockchain itself. So, an institution can choose to buy an asset on one blockchain and settle it with money on another. Instead of integrating with multiple blockchains, the institution only integrates with FinP2P once via APIs. This uses FinP2P receipts.
However, FinP2P also supports orchestrated settlement using cryptographic proofs used in blockchain interoperability. Therefore, it offers 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 to quickly and cost-effectively integrate once in-house with DC Commander (Adhara’s Digital Cash Commander) and connect multiple times, including to all Ownera-enabled networks,” said Ed Budd, co-founder of Adhara.
FinP2P Connectivity
FinP2P supports transactions across institutional networks as well as public blockchains, through partnerships with JP Morgan, R3, and the Canton Network. It also collaborates with FIX, the front office messaging standard. In 2022, it participated in a demonstration of a Repo transaction involving different DLT networks – JP Morgan’s Onyx and the HQLAᵡ collateral network.
HQLAᵡ is preparing to launch a deposit solution in collaboration with Fnality, but we understand that this is based on Fnality’s Atomic Settlement Protocol (ASP). Therefore, we do not expect FinP2P to be used. This alliance is for Adhara’s solutions, rather than Fnality’s.
Meanwhile, Ownera’s FY2023 results were recently released, reporting a loss of £5.2 million ($6.8 million), which is normal for a tech startup. However, it remains in a comfortable financial position, having raised a $20 million funding round, including from JP Morgan, in late 2022.
Update: added FinP2P support for cryptographic proofs
