SOMA Finance, a joint venture between MANTRA and Tritaurian Capital, is planning to offer the first legally issued and compliantly structured digital security to global and U.S. retail investors later this month, the company said in a statement Wednesday.
“SOMA Finance, a joint venture between MANTRA and Tritaurian Capital, is planning to offer the first legally issued and compliantly structured digital security to global and U.S. retail investors later this month,
NOW
PLAYING
XRP Erases Nearly All July Gains in August: Kaiko
Fundstrat Strategist Outlines Three Major Risks…
Hong Kong Grants Crypto Bank Seba In-Principle…
Whale Watching: The Aggregate Whale Balance…
The company plans to sell up to $5 million in tokens, in one or more tranches, with the first tranche being priced at $2.50 per token. The token also gives holders benefits, including the right to a dividend of up to 10% of SOMA’s profits.
It plans to issue the SOMA token at the end of this month, or by early October.
The SOMA token is also the first regulation crowdfunding (Reg CF) issuance on the SOMA.finance platform, the firm said. SOMA.finance is a multi-asset decentralized exchange (DEX) and issuance platform for tokenized equities, digital assets and non-fungible-tokens (NFTs).
A criticism often leveled at the cryptocurrency industry is that crypto tokens don’t represent a financial claim on the equity or debt of the issuer. In the event of bankruptcy or fraud, investors are often left holding tokens that are worthless with little or no recourse to get their money back.
Story continues below
Recommended for you:
“We have been working quietly but diligently to develop the necessary technology to launch arevolutionary decentralized marketplace for digital assets, compliant digital securities, and NFTswhile liaising with regulators to provide a highly regulated decentralized financial platform,” saidWilliam B. Heyn, co-founder and co-CEO, SOMA.finance and CEO of Tritaurian Capital.”
Tritaurian Capital is a registered broker-dealer and member of the Financial Industry Reporting Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). It is the first non-alternative trading system (ATS) broker-dealer to be approved for a license to sell digital private placement securities using blockchain technology.
Edited by Oliver Knight.
Newsletter Every Wednesday
Sign up for Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor.
Enter your Email
By clicking ‘Sign Up’, you agree to receive newsletter from CoinDesk as well as other partner offers and accept our terms of services and privacy policy.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Will Canny is CoinDesk’s finance reporter.
Credit: Source link
