TokenMarket launched its STO in early July seeking a max amount of £2 million. As it stands today, TokenMarket has raised £235,000 – eking past its £150,000 hurdle.
In February, it was reported that TokenMarket would seek initial a far higher amount in its own STO.
According to an email distributed by TokenMarket, the offering will be followed by an FCA review:
“Following the close of our STO, we will demonstrate to the UK Financial Conduct Authority (FCA) that tokenised equity can be written to the blockchain, and aim to exit the sandbox successfully.”
TokenMarket seeks to create a robust primary issuance platform for digital assets. The company is incorporated in Gibraltar, a crypto-friendly jurisdiction. The company has applied for a DLT license with the Gibraltar Exchange.
After its self-crowdfunding round, TokenMarket says it has a handful of other issuers in the queue.
The inevitable digitization of securities is a grand experiment that will take years to play out. The FCA is helping move the process along by keeping a watchful, yet supportive, eye on compliant firms keen on being a part of this transition. It will be interesting to see how TokenMarket’s offering does and how forthcoming issuers perform.
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