TokenMarket Receives FCA Approval to Run Security Token Offering in Regulatory Sandbox
Global investment platform TokenMarket today announces that it has received approval from the FCA to run its Security Token Offering (“STO”) in the regulatory sandbox. Following the formal approval, TokenMarket will announce a launch date for its STO in the coming weeks and invite global investors to invest in the Company’s tokenised equity shares.
Since the Company was founded at the end of 2016, TokenMarket has helped to raise £240m for 30 start-ups, including successful utility token offerings such as Storj, Fetch.ai, Civic, Dent and Crypto.com.
Today’s FCA’s approval is a critical step in securing a regulated and compliant ecosystem for STOs, a cheaper, easier way for companies to raise money. Once TokenMarket has completed its STO and exited the sandbox the Company will be able to organise STOs for UK and international companies looking to source growth finance by tapping TokenMarket’s pool of 170,000 investors.
TokenMarket has already lined up a rich pipeline of ambitious start-ups that plan to raise capital through STOs in London including:
- DOVU– a unified token, wallet and marketplace for earning and spending mobility-related rewards
- Almond– a free app that allows users to reduce their carbon footprint and rewards sustainable consumption
- Cryotech Nordic– the world’s leading provider of cryotherapy cabins
Ryan Hanley, Managing Director, commented:
“We are delighted to announce the FCA’s approval for our STO, with the launch expected imminently. We look forward to exiting the sandbox, completing our fund raise and tokenised equity issuance, and then cracking on with launching STOs for other ambitious businesses.
“Access to finance is still a big issue for SMEs- it remains difficult and expensive, and this is holding back economic growth, and job and wealth creation. We hope our own STO can demonstrate that you can use blockchain technology to transform the way capital is raised.
“At the same time, we want to offer our wide and deep pool of international investors the type of exciting investment opportunities that were previously closed off to them. We believe STOs promise nothing less that the transformation and democratization of capital markets.”
TokenMarket is a global investment platform that utilises its blockchain-based platform to enable rapid growth companies to raise capital faster.
The platform has assisted over 30 of the most innovative blockchain companies raise over £240 million in total, issuing digital tokens to over 250,000 investors.
TokenMarket has achieved this by providing global, everyday investors access to early-stage opportunities alongside VCs and Angel investors. Further powering the platform are the upcoming securities exchanges in Malta and Dubai, encouraging faster liquidity in the market for security token offerings.
For more information visit www.tokenmarket.net.
TokenMarket is currently participating in the FCA regulatory sandbox, for further information visit www.fca.org.uk/firms/regulatory-sandbox