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Tokeny Joins the Ranks of the Global Digital Finance Registry

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Tokeny Joins the Ranks of the Global Digital Finance Registry

Global Digital Finance Registry

In a rapidly developing industry, a growing list of companies have recognized a need for, not only uniformity in the interpretation of regulations, but accountability as well.  To facilitate these goals, a non-profit organization, known as Global Digital Finance Registry, has been formed. This organization operates under the following mission statement:

‘The global formation and distribution of capital has value to both new market entrants and incumbents in financial services. Global Digital Finance endeavours to drive efficient, fair and transparent crypto asset markets by building a knowledge base and best practice for “Truly Digital” finance and the benefits tokens can bring all market participants.’

Simply put, its purpose is to create a community comprised of industry participants, in an effort to foster industry growth in a fair and transparent manner.

Members of the registry are able to indicate their adherence to a variety of code-of-conducts, outlined by the GDF. Tokeny in particular attests to Codes 1,2, and 3.

  1. Overarching Principles
  2. Principles for Token Sales
  3. Principles for Token Platforms
  4. Principles for Funds and Fund Managers
  5. Principles for Ratings Websites

The GDF launched in 2018, and maintains headquarters in London, United Kingdom.

Participants

The founding members of the Global Digital Finance Registry were announced roughly 6 months ago. These members consisted of the following companies.

  • Circle
  • Coinbase
  • Consensys
  • Diginex
  • DLA Piper
  • Hogan Lovells
  • R3
  • GDF

To meet the goals of the endeavour, new participants are needed to ensure continued expansion and adoption of the code of conduct. Upon applying for membership, entrants are able to indicate which of the 5 codes-of-conduct they pledge an adherence to.

Commentary

We reached out to Tokeny for comment on their decision to join this registry, and what benefits it will afford both Tokeny and their clients.

Luc Falempin stated,

“In order for digital securities to succeed it is essential there is a standardised association across global jurisdictions and regulators. By joining the GDF, we are helping drive this digitisation of capital markets by contributing to a community that is helping shape this standardisation of conduct.” He continued, “We are joining a community of policymakers, regulators, bankers and other market participants to encourage and develop best practices in the issuance of digital securities.”

Tokeny had to following to say upon announcing their participation in the GDF. It was stated,

“For digital assets to gain mainstream adoption it’s imperative there is a co-ordinated response across global regulators and jurisdictions. Key to this is standardised terminology. To help encourage this we’ve registered with the Global Digital Finance Code of Conduct, an industry-led initiative driving best practices to enable the digital assets industry to flourish.”

Tokeny

Tokeny is a Luxembourg based company that was founded in 2017. CEO, Luc Falempin, has guided this young company along its path towards transforming digital securities. The Tokeny platform has seen modest levels of adoption in recent months, as they have played host to a variety of STOs. These events have/will see Blockport, VR Bank, and others tokenize and distribute assets.

In Other News

The Global Digital Finance Registry is not the only grouping of companies hoping to secure a bright future for digital securities. In recent months, we have seen the formation of the ‘Millbrook Accord’, and the ‘Digital Securities Alliance’, among others. Here are a couple of articles detailing each of these groups.

The Millbrook Accord

Digital Securities Alliance formed by Tokeny and DLA Piper

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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.

Security Token News

Blockport STO Fails to Gain Traction – Platform to Shutdown

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Blockport STO Fails to Gain Traction - Platform to Shutdown

Failure to Launch

On a disappointing note, Blockport has announced the cancellation of their ongoing security token offering. After launching the event, roughly 1 month ago, the team has indicated that they have failed to attract their minimum threshold of investments.

This comes as a letdown to the industry, as Blockport represented one of the first security token offerings to be offered through the Tokeny platform. To date, only a handful of STOs have taken place through ANY issuance platform.

Future Aspirations

While Blockport will be returning investments to the few participants in their STO, they have indicated that this is not the end for them. Their intent is to scale back operations in the short term, reflect, and establish a path for future growth.

This means that the platform will be shutting down in the coming weeks, revering to a ‘development mode’.

Commentary

Blockport CEO, Sebastiaan Lichter, elaborated on the cancellation in a statement to the public. The following is what he had to say on the matter.

“In the past few months our team has worked extremely hard to launch the first round of our STO, and yesterday this ended after being open for almost one month…In short, the results of the fundraise are not sufficient to proceed with the issuance of BPS tokens.”

Despite this, Sebastiaan Lichter remained confident in the future of blockchain. He continued,

“We still see a lot of opportunities in this industry and have built a top performing trading platform that many people love to use and which has had almost zero downtime or issues since we launched it in the summer of 2018…Whilst developing our platform, our goal is to explore opportunities that support a restart of the Blockport platform in the future.”

BlockPort

Operating out of Amsterdam, Blockport is a Dutch company, which was launched in 2017. Under the watch of CEO, Sebastiaan Lichter, Blockport has developed and launched a trading platform, tailored toward, both, utility and security tokens.

The security token offering, discussed here today, was launched through the Tokeny issuance platform, on March 31st, 2019.

Tokeny

Tokeny is a Luxembourg based company, which was launched in 2017. Above all, Tokeny acts as an issuance platform, providing companies with solutions for the tokenization of assets. Tokeny was responsible for facilitating the Blockport STO – For their part, the event went off without a hitch.

In Other News

While the failed STO is an unfortunate situation, BlockPort is by no means alone. For a variety of reasons, there have been various deals to have fallen through in the past few months. The following articles detail a couple of these situations.

Harbor Cancels Convexity Properties STO

Due Diligence Process Delays tZERO Investment

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BitBond Opens Bounty Program for Live Security Token Offering

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BitBond Opens Bounty Program for Live Security Token Offering

BitBond Bounty

BitBond, a blockchain company hosting a FINRA approved STO, has recently announced the launch of a bounty program. This program was launched in an attempt to raise market awareness of their ongoing security token offering.

This STO, scheduled to be live until early June, has seen modest success thus far, with investors contributing over €2 million to date. This puts them well on their way to raising the minimum €3 million in the event.

In an attempt to ensure the minimum €3 million threshold is met in their STO, the bounty program consists of 6 main ways in which participants can be rewarded.

  • Hunter Bounty
    • Referrals leading to bounty program participation
  • Affiliate Bounty
    • 5% commission on referrals leading to investments over €10,000
  • Signature Bounty
    • Token compensation for active BitcoinTalk users which advertise the STO in their signature.
  • Creative Bounty
    • Rewards for creative advertising in the form of memes, gifs, images, etc.
  • Social Media Bounty
    • Compensation for STO promotion through qualified Twitter, Facebook, LinkedIn, and Telegram accounts
  • Content Bounty
    • Rewards for creation of articles, and videos, which raise awareness about the BitBond STO.

Bounty Programs

A bounty program is a promotional event, aimed towards raising awareness of a fundraiser. Participants in such programs are typically compensated for promoting a company with tokens. Promotional tasks are often varied, such as writing articles, attaining referrals, reporting bugs, and so on.

While bounty programs were commonplace throughout the ICO boom, the concept is new when being applied to security token offerings. Time will tell if this promotional tool is an effective one when dealing with this new form of fund raising.

Commentary

BitBond CEO, Radoslav Albrecht, commented to CrytoGlobe on the choice to host a bounty program. He stated the following.

“Since our launch in 2013 Bitbond has always worked closely with the crypto and blockchain community. This bounty program gives us the opportunity to engage further with our community, reward Bitbond early adopters and spread the news about our new groundbreaking project, the Bitbond STO.”

BitBond

BitBond is a Germany based company, which was launched in 2013. Above all, BitBond utilized blockchain to facilitate financial services. This primarily includes the issuance of business loans.

Company operations are overseen by Founder and CEO, Radoslav Albrecht.

We recently detailed BitBond and their FINRA approval – a feat not achieved by scores of applicants prior to BitBond. Check out the details to this success HERE.

In Other News

Beyond BitBond utilizing the Stellar blockchain for issuing security tokens, Stellar has experienced growing levels of adoption in recent months. The following articles demonstrate various ways in which this adoption has occurred.

Smartlands Releases Stellar Powered Wallet Supporting security Tokens

Stellar Chosen by Wevest for Security Token Offering Platform

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Poloniex Cleans House as Tokens Delisted for Fear of Being Called Securities

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Poloniex Cleans House as Tokens Delisted for Fear of Being Called Securities

Poloniex Delisting Assets

Poloniex has given unfortunate news to enthusiasts of various assets supported through their platform. The popular exchange has announced that, due to ongoing regulatory uncertainty, they will be de-listing a variety of assets.

This event is a precautionary one, as the possibility exists that the structuring of these assets would classify them as securities. Fearing retribution from the SEC, Poloniex has decided to play it safe, and remove their support.

Uncertainty Remains

While the portfolio of offered assets on Poloniex remains strong, this does not mean that other assets can rest easy.

It has been made known, by various industry participants, over the past few weeks that uncertainty remains pervasive in the digital securities space. This is largely, in part, due to a lack of clarity afforded by United States regulatory body, the Security and Exchange Commission.

Until the SEC is able to provide more detailed guidance on these digital assets, expect to see more de-listings, for fear of these being dubbed securities.

Down and Out

The affected assets in this announcement total 9, which each unique in their structuring and target markets. They are as follows,

  • Augur (REP)
  • Omni (OMNI)
  • Decred (DCR)
  • Game (GAME)
  • Ardor (ARDR)
  • Bytecoin (BCN)
  • Gas (GAS)
  • Lisk (LSK)
  • Nxt (NXT)

Commentary

In a statement to the public, Poloniex explained their reasoning for the delisting of various assets. The Poloniex team broke the news, to holders of these tokens, by stating the following.

“We are committed to complying with regulatory requirements in every jurisdiction. Today’s action is a result of regulatory uncertainty in the US market. Specifically, it is not possible to be certain whether US regulators will consider these assets to be securities.”

Despite this, the team continued, expressing optimism moving forward.

“We understand how frustrating this choice is for our customers, and for the crypto community more broadly. We believe in the power and potential of these assets, and will continue to focus time and energy on supporting positive policy and regulatory developments for crypto assets in the US and around the world.”

Poloniex

Poloniex is a Delaware based cryptocurrency exchange, which was launched in 2014. In the time since their launch, Poloniex has gone on to establish themselves as a leading exchange. Poloniex’s reputation has been strengthened in the past year, since being acquired by Circle.

Circle

Circle is a Boston based company, which made waves in 2018, when their $400 million acquisition of Poloniex occurred. In the time since this move, Circle has worked to bring Poloniex in line with regulations, building a strong reputation, and growing the platform at the same time.

In Other News

While this is unfortunate news for enthusiasts of the affected assets, Poloniex doesn’t simply have a habit of delisting. In previous months, we have noted their addition of Polymath and their utility token for use through their security token’s tailored services.

Security Token Platform, Polymath (POLY), Listed on Growing Number of Exchanges

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