BANQ, an online investment platform and part of Tripoint Global Equities, has listed its first security token offering (STO). According to BANQ, Horizon Globex GmbH in Switzerland is issuing VOX security tokens as part of its Talketh crypto payments and communication service. The VOX tokens hope to raise up to $35 million using the Reg D (506c) exemption (accredited investors only). Tripoint / BANQ will act as the lead managing selling agent for US Investors in the offering.
Globex’s STO expects to finance the Talketh expansion, marketing and operations by issuing the VOX security tokens. The VOX token is issued in accordance with the Ethereum ERC-20 standard. VOX is said to be designated as a Utility token pursuant to the Swiss Financial Market Supervisory Authority token offering guidelines published on February 16th, 2018.
VOX Tokens are being offered at a price of $0.60 per token for the first 2,500,000 tokens. Then $0.85 per token for the following 10,000,000 tokens and $1.00 per token for the final 25,000,000 tokens. The STO is all on a first funds received, first served basis with the offering scheduled to close on October 28th. A private placement memorandum is available on the offering page.
Talketh is a smartphone communications app with its own Ethereum cryptocurrency wallet and payment service. Globex sees an opportunity to help provide access to financial services to the 1.7 billion individuals who remain unbanked. Talketh hopes to bridge this gap with its cryptocurrency scratch-card that Globex intends to distribute in emerging markets.
The scratch-cards are intended to be paid for in local fiat currency and then redeemed for Internet call-credit, without the need for a bank account.
Globex explains that the Talketh app is powered by their patented ultra-low bandwidth voice software. Globex’s app reportedly needs 9x less internet speed than Skype and was designed to work for all mobile internet users, especially for the billions of people connected to a slower 2G and 3G mobile Internet service.
Talketh users may call each other for free or they can choose to pay a small amount on the blockchain to digitally call a local landline, a cell phone, or anyone overseas. Prices are described as being “well below their local cellular operators.”
BANQ was the first platform to leverage the updated Reg A+ exemption and soon follow with a listing on a national stock exchange (NYSE). BANQ expects to continue to innovate with their tech focused platform and regulatory compliant STOs. Investors may purchase VOX tokens using US dollars which are then migrated to ETH.
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