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Open Finance Network (OFN) has progressed from the beta stage and is offering the first security token trading platform on the US market, according to a press release on Thursday. OFN has been providing alternative finance solutions since 2014 and now aims to expand into the area of security tokens.
In the US, startups conducting initial coin offerings (ICOs) may run into trouble as their tokens are deemed securities. New financing campaigns are changing their structure to a security token offering (STO) as US regulators are especially vigilant about the sale of unregistered securities.
The first token to trade on the new platform will come from Blockchain Capital (BCAP), a company dedicated to investments in other crypto-related projects.
"As creators of the world's first security token, the BCAP, we are encouraged by the growth of the security token market and related infrastructure. We are excited to be partnering with OpenFinance Network that is enabling liquidity of security tokens in a regulatorily compliant way,” commented Blockchain Capital co-founder Brad Stephens.
The token is ready to go although there is still no information on the price discovery mechanism. BCAP is not reported on the usual services for tracking the price of digital assets.
“2018 is said to be the year of security tokens, but, for us, this is only the beginning. We are committed to supporting all levels of investors in participating in this burgeoning alternative asset ecosystem. As we continue to partner with more security token assets, we are able to offer people more opportunities for wealth generation,” OFN chief executive Juan Hernandez said.
OFN has built its influence in the crypto sector through partnerships with the Huobi exchange, Securitize, Atomic Capital, Harbor, Polymath, Securrency, and TokenSoft. The launch of the trading platform is an important step in building the security token ecosystem. So far, only service platforms have been launched, offering consultancy for the process of tokenization. Besides OFN, Extauri is another completed project for trading security tokens. Startups are just starting to shift from the ICO to the security token model.
SOURCE (https://cryptovest.com/news/open-finance-network-ofn-moves-from-beta-to-full-trading-functionality/)