TokenMarket, the investment platform powered by blockchain, announces it’s Security Token Offering (STO) has successfully concluded, achieving 158% of its funding goal.
The STO, which took place across a two-week period, saw TokenMarket surpass its funding goal and raised over £240,000. The funding goal of £150,000 was set in order for TokenMarket to complete its UK Financial Conduct Authority (FCA) sandbox test.
In under 24 hours, the business had already secured 76% of its funding goal and, in under 48 hours, the offering became oversubscribed, reaching 136% funding. TokenMarket is now one step closer to exiting the FCA Sandbox which it has been included in since 2018. Upon the announcement, TokenMarket’s CEO, Ransu Salovaara and CTO, Mikko Ohtamaa stated:
“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 aim, within the sandbox, was to show that tokenised equity could be written to the blockchain and democratise investment opportunities for all investor types, starting with its own STO. Mikko Ohtamaa, TokenMarket CTO, added that:
“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.”
TokenMarket now aims to successfully exit the FCA sandbox and begin to issue tokenised equity for other businesses. In doing so, it intends to become the all in one platform for users to access, invest and eventually trade the next generation of cutting-edge companies.