According to Coindesk, on August 21st, Securitize, a provider of blockchain token distribution technology, announced that it has registered as a securities transfer agent for the Securities and Exchange Commission (SEC). The company said the move would increase recognition.
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Securitize will be the official manager of the record of ownership changes in securities. However, the blockchain itself has the ability to track asset transfers, which may be redundant, but Securitize says this is a stopgap measure.
Carlos Domingo, co-founder and CEO of Securitize, said:
We can increase the number of securities issued in the blockchain, letting people know that this is a regulated area and feel comfortable trading. The US Securities and Exchange Commission has also begun to approve other types of exempt securities such as Reg A+, which require a transfer agent.
Domingo added that each transfer of SEC-registered common securities typically pays a record fee of approximately $150, and Securitize will record the transfer for free to attract more customers. Securitize will still charge for securities management fees and company activity fees, such as dividend interest payments, shareholder voting redemptions and stock repurchases.
Domingo pointed out that after the formal submission of the application, the SEC only approved it within 10 days. However, Securitize worked for about six months to ensure that regulators understand how the company's smart contract maintenance records transfer information.
Securitize claims it is the first transfer agent registered with the US Securities and Exchange Commission and has a valid blockchain agreement, an active stock issuer and an integrated system that allows digital securities to be registered with the SEC as an alternative trading system (ATs). Trading on. These systems include the US securities exchange exchange OpenFinance Network, tZERO and the equity trading market Sharespost.
Issued $200 million in digital securities
Recently, Securitize announced that it has released its eleventh digital securities under its agreement on its platform. The total value of these securities is close to $200 million, five of which have been traded on the Alternative Trading System (ATS), which is regulated by the US Securities and Exchange Commission.
In two rounds of financing, Securitize raised $15 million. It has 43 customers, 11 of which have issued securities in the public Ethereum blockchain. Securitize has also been integrated with tezos, but no customers have used the chain yet.
In April of this year, Securitize proposed the Securitize Ready Program project, which advertised itself as a one-stop token service store. The project is a consulting network that integrates distribution, management and compliance, attracting companies such as Coinbase Custody and OpenFinance.
In May, Securitize revealed the code behind the internal agreement.