SPiCE Security Token To Be Placed On US Trading Platform
The venture company SPiCE VC declared that its security token released in March 2018 will be placed on OpenFinance Network, the American regulated trading platform, and will be the first asset of this kind present on it, Reuters reports.
Security tokens are digital assets backed by the value in the form of real estate or stock capital. They are subject to the rules of the federal regulator. The security token offerings (STO) were most popular in 2018 when many blockchain platforms paid attention to them to launch tokens that meet the requirements of the regulatory authorities.
Tal Elyashiv, the SPiCE VC's co-founder and managing partner, stated that such tokens are digital contracts or securities and their owners have corresponding economic rights.
SPICE VC, which is incorporated in Singapore, managed to raise $15 million during the STO in March. The funds were invested in the development of seven tech firms, and the company does not stop at this number.
Investors residing outside the US can trade their SPiCE tokens from Monday, November 19. Residents of the United States have to wait for March 2019 since the rules of the regulator provide for a 12 months period of restrictions on trade from the date of launch.
As previously reported, the Singapore Exchange Limited (SGX) and the Singapore regulator successfully tested blockchain solutions for the placement of tokenized assets.