Thailand-based cryptocurrency exchange Satang Corp. has its sights set on raising $9.9 million through a security token offering (STO), the Nikkei Asian Review reports.
Satang plans to raise funds as crypto markets continue to crash all across the world. The exchange would use the funds raised through its STO for building its proprietary e-wallet app, the Satang App, which would make it easy for customers to buy cryptocurrencies with fiat. It also plans to setup experience centers at highly dense tourist areas in Thailand. View source
SPiCE VC, a security token-oriented venture capital firm, announced on Monday that its own security token, which was released in March of this year, would be listed on OpenFinance Network, Reuters reports. OpenFinance Network is the first security token trading platform fully regulated in the US.
The VC firm was founded last year in Singapore and raised around $15 million through a security token offering (STO) event. The funds have been invested in several tech companies, bringing the total number of portfolio firms to seven. View source
HyperLink Capital has devised an open source protocol that allows for compliance on-chain for the Ethereum network. Written in Solidity, the Secured Financial Transaction Protocol (SFT) will allow for the tokenization of debt and equity-based securities.
Although there exist other ideas on new token standards for Ethereum, SFT is not rent-seeking and aims to be completely transparent in its design. According to HyperLink Capital, “protocols dedicated to security tokens that require a utility token introduced unnecessary friction in an area where adoption is key.”
Coinbase, the $8 billion crypto exchange giant, is one of a bevy of big-name crypto investors backing a project aimed to revolutionize the U.S. securities industry using blockchain technology.
Securitize offers a range of services to help companies create blockchain-based security tokens. Today it said it has raised a $12.75 million Series A round led by Blockchain Capital with participation from investors that include Japan’s Global Brain, Ripple’s Xpring fund and Coinbase Ventures. View source
With over 65M users, Spuul, a Singapore-based VOD, OTT and Live TV platform which focuses on untapped local languages and regions including India, Middle East, Australia, and New Zealand, is all set to lead the STO wave with a unique model called the Sequility Token Offering (SQTO). View source
Ravencoin, a fork of Bitcoin, is a relatively young token; it’s only since January 3, 2018 that it’s been hovering among the crypto currencies. But in the last months, the coin has attracted attention thanks to its price meteoric rise. The name is the fictitious one, is borrowed from the fictional world of Game of Thrones. View source
In an important ruling, a South California district court has ruled that the SEC has no power to classify the Blockvest ICO token (BLV) as a security. Judge Gonzalo Curiel ruled that the SEC case did not satisfy the Howey Test, which is the legally established methodology to determine whether or not an asset constitutes a security. According to the judge, the SEC was also unable to prove what promotional materials the investors had responded to. Because there were so many disputed issues of fact in the case, the standard for the Howey Test was not met, and thus the injunction could not be granted by the court. View source
