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1X Launches as First Licenced Private Securities Exchange in Singapore

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1X Launches as First Licenced Private Securities Exchange in Singapore

1exchange (1X) Launches

One of the world’s first regulated, and licensed, private securities exchange, 1exchange (1X), has now launched.

1exchange is a Singaporean company, which has built their exchange on the Ethereum network. This platform has notably gained the support of major players such as the Singapore Exchange (SGX), CapBridge, ConsenSys, and more.

The launch of this platform provides the ability for SMEs to gain easier access to capital, as well as providing investors with greater liquidity and returns on their holdings.

First out of the Gates

With the platform going live, investors didn’t have to wait long to find out the first supported asset on the platform. This would be Aggregate Asset Management (AAM) – a Singapore based fund Management Company.

This marks the first of many anticipated securities to be traded on the platform in the near future. Companies listing securities on the platform are eligible to list up to 30% equity shares. For AAM this represents $5.6 million SGD being available for trading on 1exchange.

Commentary

Representatives from the various companies involved in this endeavour took the time, at a recent launching ceremony in Singapore, to comment on the development. The following is what a few of these individuals had to say regarding the event.

Mohamed Ismail, Senior VP & Head Equity Capital Markets, SGX, stated,

“We recognise that companies in an earlier growth stage may need access to capital before they are ready for a public listing. We supported 1exchange to create a virtuous ecosystem of capital flow catering to companies in the mid-late stages of growth, adding to the vibrancy of the capital markets in Singapore. With 1exchange, companies such as Aggregate Asset Management now have more fundraising options, as well as a means to provide shareholders and other interested investors a market for these tradeable private equities. We are pleased to support this pipeline of private listings and look forward to helping companies prepare for an eventual public listing when they are ready.”

Kevin Tok, Co-founder of Aggregate Asset Management, stated,

“When we founded our company, we were among the very first fund managers not to charge a management fee. Today, we are again breaking new ground and making history as Singapore’s first privately-listed company on 1exchange. This private listing kicks off the next chapter of growth for us, and we look forward to bringing more value to our unitholders and shareholders.”

Choo Haiping, CEO of 1X, stated,

“1X is grateful for the support of our many stakeholders, including regulators, SGX, our partners in the financial industry, and the companies and investors who continue to believe in our mission to create a dynamic and vibrant private capital market through tradeable private equities.”

1exchange

1exchange (1X), is a Singaporean company, which was founded in 2018. Upon receiving a ‘recognised market operator’ licence from the Monetary Authority of Singapore (MAS), 1exchange was able to develop and offer their services. This made the company the first, and currently sole, securities exchange within the nation.

CEO, Choo Haiping, currently oversees company operations.

ConsenSys

ConsenSys is a software company, based out of New York, which was founded in 2014. Above all, ConsenSys works to provide companies with solutions built on the Ethereum network. ConsenSys notably provided the technical assistance needed by 1exchange throughout the development process of this trailblazing exchange.

Singapore Exchange

The Singapore Exchange (SGX) is a leading exchange that has played an active role in the development of various companies involved with digital securities. The SGX is not only an investor in 1exchange, but acts as a strategic partner in their operations, as well.

In Other News

While 1exchange may be the first of its kind in Singapore, there are various other companies working to launch similar products in other parts of the world. Here are a few examples of exchanges which either have launched, or are expected to launch in the near future.

Gemini Exchange Applies for Broker-Dealer License

BnkToTheFuture to Utilize Altcoin.io for Security Token Exchange

STX.Swiss – A Decentralized Security Token Exchange

Interview Series – Graham Rodford, CEO of Archax

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Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology. In addition to this, he is a licenced Paramedic in Nova Scotia, Canada. As such, he can provide emergency care/medicine to any situation necessitating it.

Digital Securities

META 1 Coin Threatens Securities.io with Litigation for Reporting on ICO Fraud

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META 1 Coin Threatens Securities.io with Litigation for Reporting on ICO Fraud

On August 4th, 2020 Securities.io was threatened with legal action by Robert Paul Dunlap, the legal advocate for META 1 Coin, the creator, owner, controller, and also one of the defendants in the Complaint filed by the SEC. The threat followed the publication of an article titled “SEC Files Charges Against ex-Senator David Schmidt” which was published on March 25, 2020.

Who is META 1 Coin?

META 1 Coin raised funds in April 2018 by performing an Initial Coin Offering (ICO).  As described by an SEC filing META 1 COIN raised at least 4.48 million from over 150 investors in the United States and internationally.

In order to raise funds misleading claims were made. These were some of the claims:

  • They owned $1 billion in art insured against loss by a surety bond, and later, that META 1 owned $2 billion in gold assets;
  • KPMG, one of the largest independent financial audit firms in the world, was auditing Meta1’s gold assets;
  • Meta1 formed its own investment bank and developed its own digital currency exchange;
  • the Coin is safe and risk-free and will never lose value;
  • Each Coin, sold for either $22.22 or $44.44 would in two years be worth $50,000—up to a 224,923% return—as a “very conservative value.”

Unfortunately many investors did not perform adequate due diligence as the SEC claims the tokens were backed by nothing.

Litigation Threat:

The letter received by META 1 accused the SEC and Securities.io of being fraudulent, below are some of the accusations/threats and our responses.

If SECURITIES.io was to do any due diligence at all you would know it was a fictitious story fabricated by the SEC in order to make all digital assets look fraudulent.

Our response: Securities.io has the responsibility of reporting on both legitimate projects, and fraudulent projects. Every time an investor is taken advantage with false claims whether it is the form of an ICO, or other fraudulent behavior, it destroys the credibility of the industry. We also believe in the credibility and the mission of the SEC which is stated as “The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation”.

So time will tell if SECURITIES.io is really about digital assets or just another STATE run publisher of malicious defamation.

Our response: Perhaps this is pushing a conspiracy theory or an agenda of being owned and controlled by a deep state. Either way, Securities.io is NOT owned in part or in whole by any government entity in any jurisdiction.

Today is August 4th 3:25 EST 2020 and a claim will be made in 24 hours and It will decimate SECURITIES.io if the named article is not immediately removed.

Our Response: This has been noted. We have fact checked the original article and it remains accurate.

Additionally, I am ordering a follow-up update of the facts regarding the validity or META 1 Coin

Our Response: We have updated the article to reflect new information regarding the fraud behind the initial ICO raise. We were unaware that information was missing, thank you for notifying us of this. Whenever we are notified of errors in reporting we take corrective action.

Summary:

Unfortunately, the digital assets industry continues to result in many operators that are taking advantage of the naivety of investors. It is our responsibility to report on this unethical behavior and to report on any actions taken against these rogue operators by the SEC or other government entities. We will continue with our mission.

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Digital Securities

Polymath Launches ‘Token Studio 2.0’ on ‘Polymesh’ Digital Securities Blockchain

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token studio

Token issuer Polymath has had a busy few weeks.  Just over one month ago, the digital securities pioneer announced the launch of Aldebaran – the first iteration and testnet of the Polymesh  blockchain.  Now Polymath has announced version 2.0 of its ‘Token Studio’, a suite of token services, which now runs on the Polymesh blockchain.

Token Studio

When Polymath uses the term ‘Token Studio’, it is referring to a suite of services, which allows clients to create, issue, and manage digital securities – a vital part of Polymath’s goal to simplify token creation.

The first iteration of Polymath’s Token Studio was based on the Ethereum blockchain.  With the development and pivot towards the use of Polymesh, a new Token Studio was needed – one that was designed for this purpose-built blockchain.

With the launch of this version of Token Studio, Polymath has now opened up the ability for clients to trial its capabilities on the recently released Polymesh testnet ‘Aldebaran’.

Polymath notes that by utilizing Token Studio on the Polymesh blockchain, clients will benefit in various ways.

Design
  • Clients have the ability to create digital securities tailored to their needs – this includes asset type, ticker symbols, asset identifiers, etc.
Identity
  • Built-in services including KYC checks.  This ensures that only appropriate investors can gain access to digital securities created through the use of Polymesh.
Compliance
  • Arguably, the biggest draw towards a purpose-built blockchain is the ability to integrate stringent compliance measures – a necessity when dealing with digital securities. This means that, regardless of jurisdiction, token issues can be assured that their issuances remain in full compliance with securities regulations.

With Token Studio simplifying the creation and issuance process, there should be nothing holding back companies from creating compliant digital securities on the Polymesh blockchain.  The timing of the Polymesh-based Token Studio is ideal; anticipated security token exchange Archax previously announced support for Polymesh tokens when it launches.

Aldebaran

In the constellation, Taurus, the brightest star is Aldebaran – commonly referred to as the ‘bulls-eye’.  This is an apt name for a company that utilizes a bull as its mascot and represents a bright spot within the digital securities sector.

Aldebaran represents the first testnet of the purpose-built Polymesh blockchain.  Polymath has spoken on the rationality behind creating a project such as this, stating,

“The most important learning has been that security tokens cannot gain adoption and acceptance from regulators and institutions with a general-purpose blockchain; security tokens need something more specialized that addresses the foremost concerns of governance, confidentiality, identity, and compliance.”

For holders of Polymath’s ‘POLY’ tokens, a bridging service has been created to convert these assets to ‘POLYX’ – A token with similar functionality, but based on the Polymesh blockchain, rather than Ethereum.  Along with this bridging service, Polymath will soon be launching a Polymesh wallet – providing a way to safely store these assets, while supporting staking capabilities.

The next version of the Polymesh testnet is expected to launch in Q4 of 2020, with the full mainnet launch in Q1 of 2021.

Polymath

Founded in 2017, Polymath is a service provider for the digital securities sector, with operations based in Toronto, Canada.  To date, Polymath has helped facilitate the creation of hundreds of digital securities.

 

In Other News

Polymath is not the only company to note the need for purpose-built digital security solutions.  We have recently taken a closer look at another example of this, as NEM gears up for the launch of its offering, ‘Symbol’.

Make sure to peruse our recent interview with NEM Ventures Managing Director, Dave Hodgson.  Here, we learn more about Symbol, and why such a solution is needed.

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Digital Securities

‘Mrs. Antonia’ Scam Preys on 1M Clients Affected by ePayments FCA Imposed Lockdown

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Mrs. Antonia

Twitter hacks, news outlet impersonations, Ponzi schemes, and now ‘Mrs. Antonia’ – the world is rife with scams, perpetrated by criminals looking to prey on the naïve.

Although less publicised, the recent ‘Mrs. Antonia’ scam is being targeted towards more than 1 million clients of ePayments that lost access to their financial holdings, months ago.

Mrs. Antonia

In this new scam, it appears that bad actors are looking to prey on those that have already endured trying times.

Users of payment processing platform, ePayments, which have had their funds frozen, are being contacted by a person or group posing as ‘Mrs. Antonia’.  In these instances, ‘Mrs. Antonia’ promises the affected ePayments clients that they can help ‘unfreeze’ their funds – this, however, is a lie.  The person or people behind the scam go as far as creating fake testimonials from people claiming that ‘Mrs. Antonia’ did indeed help them.

Unfortunately, Mrs. Antonia does not exist, and she cannot help.  The actions of these criminals have prompted ePayments to release a statement, informing their clients of this scam.

“PLEASE be aware – this is a scam. We are unable to release any customer funds at present and so any claims by any third parties of this nature are not true.”

Extended Lockdown

For months now, over 1 million clients of payment processor, ePayments, have had access to their funds revoked, due to a Financial Conduct Authority (FCA) imposed lockdown.  To this day, the reasoning behind these measures is not fully known, aside from lapses found in ePayments anti-money laundering (AML) procedures.

With this lockdown extended for months now, it is understandable that those affected are growing impatient.  As a result, many account holders might just be swayed by the promises made by these criminals.

Upon addressing the situation, ePayments has attempted to ease the fears of its clients by stating,

“We recognise that time has elapsed since we suspended business and we are truly sorry that we have put you, our customers, in this position. We wish to assure you once again that your funds are still safeguarded as normal.”

Scams Aplenty

Sadly, we must all be vigilant, and on guard for scams.  They are increasingly prevalent, as we increase our reliance on technology, with the ePayments situation simply being one example.

The world of blockchain is no stranger to scams, and has resulted in multiple which were staggering in size.

Onecoin
  • $4 billion stolen through Ponzi scheme
 Plustoken
  • $6 billion defrauded from investors
  • Recently arrested 27 individuals connected with the scam

These two scams alone affected millions of investors, defrauding them of roughly $10 billion.  While actions have been taken in an attempt to hold the offenders accountable for their actions, the sad truth is that the vast majority of those affected will never see their funds again.

ePayments

Founded in 2010, ePayments is a global payments processor based out of the United Kingdom.  Through its services, ePayments has amassed over 1million clients, representing 100 countries.

CEO, Mikhail Rymanov, currently oversees company operations.

*Upon contacting ePayments for commentary, no response was received*

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This risk is  higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

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