Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => Topic started by: Pegasus on November 10, 2018, 12:00:45 PM
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Singapore stock exchange SGX and state investment fund Temasek have backed a forthcoming Security Token Offering market, called iSTOX, with an undisclosed amount of money. The new platform also appointed one of SGX’s executive vice presidents, Chew Sutat, and Chua Kim Leng, an ex-assistant managing director at Singapore’s central bank, as board members, ICHX Tech, the iSTOX’s owner explained in a press release on Thursday.
Temasek, which is one of the largest investment funds in Asia, participated in the funding through its Heliconia Capital Management subsidiary. iSTOX will invest the fresh money in the STO main trading venue as well as in the secondary market, which will accompany the company’s offerings. Both services are still under development. ICHX Tech plans to launch the STO platform after taking a license from Monetary Authority of Singapore (MAS), the body that functions as the central bank and the financial market regulator for the city-state.
“The demands of the next generation of investors and issuers will be different, and this calls for a shift in how we should approach the process of capital funding. Utilizing blockchain technology, iSTOX is able to offer STOs and address needs of both investors and issuers which are not adequately met today,” Danny Toe, CEO of ICHX Tech, explained in the press release.
The new platform will incorporate blockchain, but will be an STO-only trading venue with all issuances to be bought and sold by fiat currencies, not by virtual coins, ICHX Tech outlined.
“As capital markets evolve, companies will seek new funding avenues that suit their different stages of growth and business needs,” Sutat said.
STO is an emerging form of fundraising, which is seen as an alternative to the Initial Coin Offering (ICO) model. As various companies have begun to consider STO, the trend also has led to a growing number of players that want to build trading platforms for those crowdfunding schemes.
Source (https://cryptovest.com/news/sto-platform-istox-gets-support-from-singapore-bourse-sgx-state-fund-temasek/)