TokenMarket Security Token Offering Reaches Funding Goals in 48 Hours
On July 12, digital asset crowdfunding platform TokenMarket announced that it’s security token offering (STO), anticipated earlier this year, has reached its funding goal only after 48 hours from the opening. The token sale is set to close on July 22.
Successful Round for TokenMarket
TokenMarket, a digital asset crowdfunding platform powered by blockchain, announced on July 12 that its security token offering (STO) exceeded the funding goals only after two days from its opening. The business is currently in overfunding, having reached 148 percent (£223,320 at time of writing).
TokenMarket aims to offer its services in the United Kingdom under the Financial Conduct Authority (FCA).
So far, the company has gone ahead thanks to self-investments and this is the first time it is offering part of its equity. The STO was launched on July 8 with a target of £ 150,000 and, after only 24 hours, TokenMarket received 76 percent of its £150,000 target. The offer is currently open for investment and is set to close on Monday 22nd July 2019.
The company will offer its clients safe and efficient tokenization by democratizing the investment opportunity to both professional and everyday investors. This has always been one of the main goals of the startup which believes that investment opportunities could be democratized for all, through blockchain technology.
Ransu Salovaara and Mikko Ohtamaa, respectively, CEO and CTO of the company commented:
“We have always believed that all investor types should have the same level of access to disruptive startups. By starting with our own offering in the FCA sandbox, we are highlighting the efficiencies of blockchain technology when it comes to distributing tokenized equity. To see such a positive reaction to our STO in such a short space of time shows just how dedicated our community really is.”
A Solid Company in the Market
Since its founding, TokenMarket has contributed to the collection of $240 USD million for more than 30 startups and has expanded its services among Dubai, Malta, and Finland.
Thanks to the authorization received from the FCA, TokenMarket wants to further expand its offer by allowing users to access, invest and eventually trade in STOs around the globe.
Among the STOs already planned we find Cryotech Nordic, Almond App and DOVU but more are ready to come.
STOs have some important advantages which will make a difference to both fundraising entrepreneurs and their investors. Leveraging blockchain technology could mean better transparency, a simpler and easier fundraising process, with lower administration and management costs for both companies and investors.