This week, the blockchain-based startup, iSTOX announced that it had completed a round of Series A funding. iSTOX seeks to bring tokenized financial assets to the Thai market in a major way. The company already has the blessing of both regulators and a vast network of financial institutions. This news demonstrates the growing demand for tokenized assets across Asia. Also, it showcases the trend of traditional financial firms entering the blockchain sector.
According to iSTOX, the company didn’t have to search for long before it found an interested investor to take part in the funding round. The company found a serious investor in one of the largest banks in the country, Kiatnakin Phatra Financial Group (KKP). In fact, the bank was the only investor needed to complete the crowdfunding campaign successfully.
The iSTOX exchange secured an undisclosed amount from this major financial institution. The funds will go towards the expansion of the platform’s investor base. Additionally, iSTOX intends to create a complete blockchain ecosystem. The platform will function as a “one-stop-shop” for businesses seeking to crowdfund their future business operations.
Discussing the platform, iSTOX Chief strategy officer Darius Liu Spoke on how the firm’s strategy adds liquidity to the market. The CSO explained how the company’s all-inclusive approach to the market is “re-intermediating the value chain.”
iSTOX Blockchain Ecosystem
The iSTOX Blockchain ecosystem enables businesses to issue tokens in a streamlined manner that is compliant with the current regulations. The company also allows businesses to tokenize a huge variety of financial instruments. Currently, you can tokenize stocks, bonds, securities, equities, and debt instruments on the platform. This strategy enables more liquidity and the creation of new markets.
The iSTOX exchange also provides token issuers and investors with a secondary trading platform. Secondary trading compliance is a major issue among security token investors. Now, these investors have an option that has the consumer protections in place that these firms are accustomed to.
Company executives want to extend their reach into the Asian security token market in the coming weeks. STOs are more popular than ever in the region. Consequently, multiple Asian governments began wooing new Blockchain firms to their shores this year. Notably, Singapore recently added a regulatory framework to help clarify investor confusion and spur further token adoption in the country.
iSTOX is a subsidiary of ICHX tech. This Singapore-based firm is a pioneer in the Thai FinTech sector. The company offers enterprise-level blockchain solutions and infrastructure. Specifically, the company specializes in smart contract integration. Notably, ICHX obtained funding from numerous traditional financial firms. Primarily, the Singapore Exchange SGX and Heliconia Capital Management were the largest contributors.
Importantly, ICHX was appointed to a group of specially chosen Blockchain businesses tasked with helping develop Singapore’s security token regulatory framework. The appointment was a huge accomplishment for the company because it was by the hand of the Monetary Authority of Singapore (MAS).
The iSTOX platform is scheduled for a fourth-quarter release date. Currently, it’s open to accredited investors only. Additionally, token issuers can submit tokens for exchange listing. You can expect to see iSTOX play a pivotal role in the Singapore crypto market moving forward.
SIX Acquires Stake in daura – SDX Exchange
A Strategic Advantage – SDX Exchange
Boerse Stuttgart Subsidiaries to Benefit from Investment by SBI Holdings
It is fair to say that SBI Holdings has decided to go all-in on blockchain based endeavours as of late. This has been made evident through various high profile investments. The most recent of which include Ripple, Securitize, and now Boerse Stuttgart – the latter of which we will discuss here today.
In an effort to usher in higher levels of adoption surrounding digital securities, SBI Holdings has invested in multiple branches of the Boerse Stuttgart group.
- Boerse Suttgart Digital Exchange
- Boerse Stuttgart Digital Ventures
Plans Moving Forward
In their announcement, it is clear that the rationality behind this new partnership is geared around global expansion. With SBI Holdings operating within Japan, and the various branches of the Boerse Group operation throughout Europe, the pair should find the partnership mutually beneficial.
Beyond simple expansion, the pair of companies closed out their announcement by elaborating on their plans. They stated,
“The SBI Group and the Boerse Stuttgart Group are partners in the digital asset business in Asia, including Japan, as well as in Europe. We will work together to build a global digital asset finance ecosystem utilizing blockchain.”
Upon announcing these investments, representatives from each, SBI Holdings and Boerse Stuttgart, took the time to comment. The following is what each had to say on the matter.
Yoshitaka Kitao, CEO of SBI Holdings, states,
“Due to the decentralized nature of digital assets, it is our top priority to find globally suitable partners to build our digital asset ecosystem. The SBI Group, with its trading platform for digital assets and other relevant companies, will make full use of the cooperation with the Börse Stuttgart Group to respond to the global customer interest in digital assets.”
Alexander Höptner, Chairman of the Management Board of Boerse Stuttgart GmbH, states,
“Asia and Europe are currently the fastest growing markets for digital assets. With the SBI Group, we have found an ideal partner to realize our vision of an efficient, global ecosystem along the value chain of digital assets. In addition to the exchange of knowledge and technology, the collaboration also covers the issuance, listing and trading of digital assets across borders, as well as brokerage services and building the first global bridge for custody.”
The Boerse Stuttgart Group consists of various branches such as Boerse Stuttgart Digital Exchange, and Boerse Stuttgart Digital Ventures. These two branches, in particular, have a focus on blockchain based endeavours, including the eventual creation of a secondary marketplace for digital securities.
An acting subsidiary of SBI Group, SBI Holdings, was launched in 1999. The company maintains headquarters within Tokyo, Japan, where they seek out, and establish, strategic partnerships with high potential companies.
CEO, Yoshitaka Kitao, currently oversees company operations.
In Other News
In recent months, each of the companies discussed here today have found themselves in our news feed. Whether launching a digital exchange, or making strategic investments, both companies have been quite active. The following articles are just a couple discussing recent moves by both.
DX.Exchange Goes Bankrupt – CX Technologies Ltd
Additionally, a host of suppliers have taken suit against the company. These suits run the gambit from unpaid bills to the alleged fraud. The well-known cybersecurity firm, White Hat Ltd is one of the company’s claiming losses due to DX.Exchange actions. Another lawsuit lists Bee2See Dotan B.S. Solutions. This is the firm that handled DX.Exchange targeted marketing. Even the company supplying the servers never got paid – Malam Team.
Writing on the Wall – DX.Exchange
Employees and suppliers knew to take action earlier in the month after the firm closed its doors unexpectedly. At the time, DX.Exchange owner Pinhas Patarkazishvili cited the rising costs and dwindled profits the exchange had left. He told employees that he was searching for a merger or acquisition and if that he was unsuccessful, the company would permanently cease operations.