SEC-compliant ICO exchange announced by Overstock

Overstock is to open an exchange for legal token trading
28 September 2017   1578

It seems like the regulated token trading is coming. Thus, Overstock's tØ is launching a first-of-its-kind alternative trading system (ATS) that will provide a platform for the exchange of cryptographic tokens categorized in the U.S. as securities.

As reported by coindesk.com, the new system is based on the already existing platform tØ in partnership with the fintech company RenGentt and Argon Group (an investment bank specializing in ICO capital raising). The ATS will be regulated by both the SEC and the Financial Industry Regulatory Authority (FINRA).

I think it's a historic event. We're opening a new type of capital market.
 

Patrick Byrne
CEO of Overstock

Until now, there have been no such platforms, and its creation can be seen as a major step in the development of the entire cryptoindustry. Today, ICO issuers either must attempt to create a token that does not meet the SEC's definition of a security, or they must meet that definition and give up the liquidity that comes from being publicly traded. Emma Channing, Argon's general counsel and interim CEO, argues that the new platform announced today will eliminate that choice.

We believe this is exactly what the SEC was asking for in the DAO report.
 

Emma Channing
Argon's general counsel and interim CEO

As detailed, Emma Channing believes her firm's new ATS could see $2 billion in trading within the next 12 months.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   93

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.