Abu Dhabi investors are taking part in Sumner Group’s plan to raise up to $100 million through a security token offering (STO), the largest seen so far in the Middle East. The company is raising funding through its Singapore-registered subsidiary, Sumner Global, which will sell the SGHX token, the company said in a statement.
Funds raised will support the growth of SGH’s portfolio companies and its first major UAE-based acquisition, currently under option, as SGH readies itself for a London Stock Exchange debut, it added. Source
Cryptocurrency custodian BitGo Trust Company is adding support for the BCAP security token from venture capital firm Blockchain Capital. Revealing the news exclusively to CoinDesk on Tuesday, BitGo said clients can now compliantly store their BCAP assets using the regulated firm’s custody services, as well as in a new multi-signature wallet for the ethereum ERC-20-based token. Source
Smartlands, the security token platform powered by the Stellar blockchain, has just announced a new acquisition. Shojin Financial Services Limited (SFS) will officially fall under the Smartlands umbrella which will open the doors to new investors. Source
As new use cases for distributed ledgers continue to crop up, innovative businesses are finding new ways to apply the technology to existing models. VMC, a startup seeking to solve the problems of mass mobility, has announced the Netherlands’ first Security Token Offering. Using funds from the crowdsale, the company hopes to develop a blockchain solution to capture a part of the $500 billion urban transportation market. Source
Verseon is launching a security token offering (STO) aiming to set a new standard for the 21 st century public offering to a globally connected investor base. To make its STO available to investors around the globe, Verseon will use the technology and services of its subsidiary BlockRules Ltd.
“We believe that blockchain technology has the potential to transform fundraising by bringing efficiency, cost savings, and additional liquidity to capital markets. Regulations-compliant STOs give companies a new way to support growth and connect with a global investor community.”Eniko Fodor, COO of Verseon.
Using its innovative, computationally driven drug discovery platform, clinical-stage pharmaceutical company Verseon has built a rapidly growing pipeline of unique drug candidates across multiple disease areas. Source
New York startup Assurely announced a new insurance product offering, CrowdProtector, to cover Security Token Offerings (STO) and other types of crowdfunding. For issuers, the product provides cover for investor complaints and lawsuits. For investors, they can potentially get their original investment returned where there is bad behavior by the issuer. That includes misrepresentation and misuse or theft of funds. Source