Following the China Digital Economy Global Innovation Forum, BitMart released more information about their Security Token Offering (STO) service than initially anticipated. BitMart has now partnered with investment fund and advisory group The Cabin Capital to facilitate OpenFinance Network’s entrance into the Asian market.
Bitmart and The Cabin Capital’s Plan to Bring OpenFinance Network to Asia – Explained
Based in Hong Kong, The Cabin Capital is a blockchain investment fund and advisory group which is also a strategic partner of OpenFinance Network (OFN).
OFN launched the first United States-regulated security token trading platform back in December of 2018.
Now, under the new agreement, The Cabin Capital will assist OFN in breaking into the Asian market.
According to Devin Huang, founder of The Cabin Capital,
“Both The Cabin Capital and BitMart have fully realized the great value of the STO industry. As a member of BitMart club, we hope the collaboration will jointly establish a high-speed listing process for alternative assets, so as to create a more efficient financing environment.”
BitMart Club is a consortium of investment experts from the world’s top blockchain investment enterprises. They see high potential in the emerging security token industry.
As a fundamental part of BitMart, BitMart Club’s mission is to bridge the gap between tokenized securities and the on-chain crypto capital markets.
BitMart founder and CEO Sheldon Xia said,
“The strategic collaboration with The Cabin Capital and OpenFinance will undoubtedly establish a compliance capital raising ecosystem for high-quality assets.”
How Broker-Dealer’s are Extremely Important in the Security Token Industry
BitMart recently partnered with a FINRA-registered broker-dealer.
Important in the digital asset industry, broker-dealer licensing allows an enterprise to buy and sell securities on behalf of other entities.
As regulators continue to enter the digital asset realm, many tokenized assets are likely to be deemed securities.
In the United States, for example, Securities and Exchange Commission (SEC) Chairman Jay Clayton has publicly stated how the majority of Initial Coin Offerings (ICOs) constitute securities offerings. They therefore have to abide by the commission’s existing securities laws.
The same situation can be seen in Hong Kong.
What do you think about BitMart and The Cabin Capital partnering to bring OpenFinance Network to Asia? How much success will OFN see in the Asian market? We’d like to know what you think in the comments section below.
Image courtesy of OpenFinance Network, BitMart, and The Cabin Capital.
The post BitMart and The Cabin Capital Partner to Bring OpenFinance Network to Asia appeared first on The Tokenist.
