Synnax, a startup specializing in decentralized credit ratings, has appointed Luc Froehlich, the former head of digital assets at Fidelity International, as its new Chief Commercial Officer to lead its commercial strategy and operations.
Synnax is an AI-driven financial platform focused on credit analysis and ratings. Froehlich’s experience includes leading Fidelity International’s digital and tokenized assets venture for seven years. In February, he also joined the advisory board of Layer N, an Ethereum-based roll-up network.
“Credit markets, especially private credit, have grown significantly over the past few decades. However, risk assessment tools haven’t kept pace, transparency is still lacking, and conflicts of interest persist. By using advanced encryption, we can now harness the computing power of a wide network of AI models to provide better credit intelligence,” said Luc Froehlich.
Synnax CEO Robert Alcorn believes Froehlich’s expertise in credit markets will help the company achieve its goal of providing a “more trustless and privacy-preserving framework for institutional credit assessment.”
“His [Froehlich’s] appointment is also timely as we prepare to release our first public model,” added Robert Alcorn.
Founded in 2023 by Robert Alcorn and Alessio Quaglini, Synnax uses machine learning algorithms and big data analysis to evaluate credit for both on-chain and off-chain markets. The platform uses the SYNAI token as a payment method for its services and to incentivize data scientists for their contributions. According to PitchBook, Synnax has raised $1 million from 13 investors so far.
Summary Review: The hiring of Luc Froehlich marks a significant step for Synnax as it aims to revolutionize the credit rating industry with advanced AI and blockchain technology, offering more transparent and reliable credit assessments.
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