As of July 23rd 2019, TokenMarket has announced the successful completion of its Security Token Offering (STO). The platform raised a total of £240,000, which is 158% of its original funding goal of £150,000.
TokenMarket’s STO Explained
TokenMarket’s STO lasted just two weeks, but apparently that was all it needed to largely surpass its funding goal.
Within the first 24 hours, 76% of its goal had been reached. Before 48 hours into the offering, that percentage grew to 136%.
The offering was conducted under a United Kingdom Financial Conduct Authority (FCA) regulatory sandbox.
TokenMarket CEO Ransu Salovaara said,
“We would like to thank all of those who have participated in our STO. The reaction from our peers has been incredible and, for us, it reinforces the belief that our work in the tokenisation and blockchain space has all been worth it. With a growing pipeline of upcoming STOs, we look forward to showing the wider community just what TokenMarket and our clients have installed.”
TokenMarket’s goal was to use the FCA’s regulatory sandbox “to show that tokenised equity could be written to the blockchain and democratise investment opportunities for all investor types”.
It now aims to successfully exit the sandbox and begin issuing tokenised equity for other companies. As an all-in-one platform, TokenMarket allows users to access, invest, and eventually trade security tokens.
According to TokenMarket CTO Mikko Ohtamaa,
“Our goal has always been to give equal access to all investor types. With our work in the FCA sandbox now almost over, and our demonstration of placing tokenised equity on the blockchain, we are one step closer to bringing the next generation of disruptive businesses to our investment community.”
In addition to tokenized equity, security tokens have also seen successful implementation in assets including real estate, investment funds, and even fine art.
What do you think of TokenMarket’s successful STO under the FCA’s regulatory sandbox? What does the future of tokenized assets look like in the UK? We want to know what you think in the comments section below.
Image courtesy of TokenMarket.