Greenpro Capital Corp. (NASDAQ:GRNQ). CEO Dr. CK Lee has revealed plans of making Digital Asset Exchange platform CryptoSX be the leading STO Exchange by the end of 2021. In an exclusive interview with 9Shares, a leading financial news and media platform, Dr. Lee indicated that CryptoSX is one of the key components and catalysts that will help the company achieve its digital finance transformation journey.
Founded by two professional Accountants from PWC (PricewaterhouseCoopers) and KPMG in 2018, CryptoSX is the flagship of GreenPro’s New Digital Finance Ecosystem. It is one of the top Digital Asset Exchange or Security Tokens Exchange in Asia and targets to be amongst the top in listed STO globally by the end of this year. They obtained a Full Principal License for cryptocurrency and STO exchange from the Philippines Government under CEZA (Cagayan Economic Zone Authority in 2019). GreenPro will greatly benefit from CryptoSX’s practical experience in the development and building of a licensed security token ecosystem. Under the new arrangement, CryptoSX and GreenPro will synergize to create a revolutionary digital asset market.
“Combining CryptoSX’s strong background securities token offering and digital asset exchange operation, and GreenPro’s deep understanding in the financial market, together I believe this great synergy will elevate the development of Shariah Compliant Digital Finance & Economic Zone in Brunei and East ASEAN Growth Area to serve over 1.9 billion Muslims globally.“, says the CEO.
CryptoSX will be the equivalent of Coinbase in the Security Token Asset Exchange space. While Coinbase focuses on the trading of mainstream cryptocurrencies like BTC, ETH, BAT, and other 50+ virtual assets, CryptoSX focuses on the regulated listing and secondary trading of security tokens. Coinbase has more than 56M users and $200B+ assets but it does not have Security Tokens. STO / tokenized IPO is a type of public offering in which tokenized digital securities, known as security tokens, are sold in cryptocurrency exchanges, or security token exchanges. Tokens can be used to trade real financial assets such as equities and fixed income, and use a blockchain virtual ledger system to store and validate token transactions.
CryptoSX’s STO platform will help GreenPro in providing alternative digital finance to different incubated projects. The CEO indicated that this new mode of financing start-ups is more efficient.
“Security Token Offerings (STO) is considered to be a very efficient method of financing for a startup. Traditional fundraising methods are becoming increasingly complex to access, and after seeing the potential of Initial Coin Offering (ICO), many businesses have started to look at blockchain technology for raising funds.” he adds, “As a result, security tokens have become a possible investment vehicle that allows businesses to reverse the financial pyramid and democratize the capital markets.CryptoSX’s STO platform can greatly help GreenPro to provide a stable and reliable exit from its incubated projects.”
The CEO also revealed that CryptoSX chose CEZA in the Philippines to be regulatory jurisdiction in 2018 because it has a robust Digital Asset Token Offering legal framework that is supported by the Philippines law. CEZA has the vision to the crypto valley for Asia from day 1 of its journey to develop cryptocurrency and financial technology as an industry.
CryptoSX is projected to bring great value to GreenPro. The market capitalization of NYSE is $68 Billion and NASDAQ is $30 Billion while the Hong Kong Stock Exchange is $84 Billion. The CEO projected that CryptoSX will be right behind them over the coming decade. With their 18% equity ownership in CryptoSX’s holding company First Bullion Holdings Inc., the company is optimistic that the investment will bring tremendous value to GreenPro.
GreenPro intends to lead the industry towards a New Digital Finance Era by building an inclusive, equal, and sustainable financial services environment for everyone. In the upcoming year, they aim to achieve Accounting Intelligence, Capital Intelligence, Compliance Intelligence, Satellite Internet Connectivity, and Digital Banking Intelligence.