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Altcion.io to Be Transformed into a Securities Token Exchange
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The decentralized exchange Altcoin.io has just been acquired by BnkToTheFuture to built a compliant securities token exchange. BnkToTheFuture hopes to leverage the DEX’s technology to create an accessible exchange for tokenized securities.
It has just been announced that Altcoin.io, a decentralized exchange (DEX), has been acquired by investment firm BnkToTheFuture. The investment firm plans to transform the DEX into a fully-fledged security token exchange. The planned security token exchange will be non-custodial, so users will be expected to be responsible for storing their tokens.
Altcoin.io began its operations in 2017 with a focus on speed, scalability, and usability. The exchange is known for completing the world’s first Bitcoin-to-Ethereum atomic swap and is working on second-layer solutions, like Plasma.
Altcoin.io CEO Andrew Gazdecki has said that “capital markets are long overdue for an upgrade” and is excited with BnkToTheFuture’s commitment to developing the DEX.
Simon Dixon, CEO of BnkToTheFuture, echoed similar sentiments:
‘We’ve launched the BF Wallet, a security token wallet on iOS and Android, that allows investors to store their security tokens on their mobile device,’ Dixon said. ‘We’ve been doing primary offerings in FinTech for nearly a decade. By acquiring Altcoin.io’s technology we’re ready to launch a non-custodial marketplace in 2020 where people can buy and sell security tokens integrated with the BnkToTheFuture Token (BFT).’
BnkToTheFuture has raised upwards of $750M for fintech companies since 2010. The investment firm believes the security token industry is still in its infancy and is looking to disrupt this quickly-growing sector.
Do you believe altcoin.io could become a hub for security token trading in the future? Let us know your thoughts below.
Image courtesy of Token Daily.
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.
