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Libra Project to Launch First Fully Compliant Security Token Offering in the Middle East and Africa with KoreConX
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The Libra Project— a decentralized renewable energy project— is claiming to launch the first fully compliant Security Token Offering (STO) in the Middle East and Africa. The company has selected KoreConX to power the upcoming STO.
The Libra Project’s Security Token Offering Explained
The Libra Project is headquartered in London with subsidiary company offices located in Abu Dhabi.
The company develops, funds, maintains, and operates renewable energy plants which satisfy its impact investment requirements. These requirements are parallel to the sustainable development goals of the United Nations.
Now, the Libra Project has announced a Security Token Offering (STO) powered by KoreConX.
According to Hans Fraikin, Libra Project’s Co-Founder and CEO,
“Libra Project is thrilled to enter into this new partnership with KoreConX. Their world-class digital securities asset management protocol will accelerate our plan to become the first fully compliant DSO (digital security offering) in the Middle East and Africa. Ultimately, this partnership supports Libra Project’s mission of democratizing access to impact investments all the while bringing clean energy to hundreds of millions of people in Asia and Africa.”
KoreConX will provide a platform enabling the Libra Project to manage all of the compliance which comes along with a tokenized securities offering. The platform will allow for the Libra Project to manage investor relations by sending reports, news releases, schedule shareholder meetings, and provide an online voting service.
Oscar Jofre, the Co-Founder and CEO of KoreConX said,
“The Middle East is a very important region for us. We want the regulators and companies in the middle east to know that there is a provider that does things the right way and will meet their regulatory obligations. We are truly glad that more and more companies are starting to realize the transformation that comes with blockchain, and the ways it can simplify doing business.”
The mission of the Libra Project entails improving the lives of 100 million people by providing reliable electricity. At the same time, their Libra Token will allow for smaller investors to participate in investment opportunities featuring renewable energy.
In addition to equity, tokenized securities now include investment funds, real estate, and fine art.
What do you think of the Libra Project choosing KoreConX to launch a security token offering? We’d like to know what you think in the comments section below.
Image courtesy of PRNewswire.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
