- The Ontology team announced a new partnership with Japanese tech accelerator TECHFUND to provide development support to blockchain based start-ups
- TECHFUND works via a program called “ACCEL PROGRAM,” which focuses on providing legal assistance, development assistance and PR support
- ONT plans on implementing their identification system for KYC and AML use cases and also use the ontology STO solution
Ontology (ONT), an enterprise-grade Blockchain network and distributed trust collaboration platform, has been consistent with making new partnerships and further developing themselves. They have been in the news quite a lot in the first quarter of 2019. The company announced today in a press release that they have commenced an alliance with TECHFUND Inc., a Tokyo based company.
The ACCEL program
TECHFUND provides technical support to start-ups that have applied for the ACCEL program. The ACCEL program held on the 25th of April is an accelerator program that was created to support blockchain application development in various fields like legal assistance, development assistance, PR support as well as assisting company establishment overseas and language support during the press release. They do it through token offerings and help start-ups or blockchain programs to raise funds. The ACCEL program has already seen about 50 teams joining the program and each of those teams has received technical as well as consulting support.
The collaboration between Ontology and TECHFUND is said to revolutionize the ACCEL program because according to the terms ontology will be offering much needed development support of their own. TECHFUND will be helping with the token offerings and will help the start-ups raise funds for further development. TECHFUND was started in 2014 with the mission of supporting start-ups in terms of technology and hence the company acts as a technology accelerator. They launched the world’s first platform that supported start-ups via “Technology investment,” a method where one invests technology rather than money which, in return, assumes equity as return. They have already provided investment support to six companies and advised around 250 teams. The ACCEL program was started in 2018 to support ICO/STO start-ups and also offering ACCEL BaaS, a cloud based software developed by the company that helps companies easily build a blockchain application that is based on the service the client provides.
Ontology pays back in kind
In addition to the regional market collaboration, the partnership will include integration with Ontology blockchain and providing BaaS services to all of TECHFUND’s customers. They also aim to use the ONT ID for KYC purposes and use the ontology STO solution for STO issuers. As previously reported by blockchain reporter, Ontology already offers development support to many blockchain based start-ups. GoWithMi is one such company that is decentralizing land rights on ontology’s blockchain network and receive full technical support from the company. The partnership is believed to strengthen Sino-Japanese collaboration in the blockchain industry and will further support adoption of the Ontology blockchain in Japan.