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OpenFinance Launches Regulated Trading Platform for Security Tokens

Trading platform OpenFinance has now launched a regulated alternative trading system for crypto assets within the U.S.

작성자 Nikhilesh De
업데이트됨 2021년 9월 13일 오전 8:19 게시됨 2018년 8월 28일 오후 12:00 AI 번역
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Trading platform OpenFinance has launched a regulated alternative trading system (ATS) for security tokens, CEO Juan Hernandez announced Tuesday.

Accredited investors in the U.S. can now purchase or trade the digital assets on OpenFinance's platform. Retail investors who cannot receive accreditation may also be able to trade certain assets, though after a 12-month holding period, Hernandez told CoinDesk.

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The platform soft-launched several weeks ago, he said, to allow buyers and sellers to register and complete their anti-money laundering and know-your-customer procedures, with today's announcement marking the start of actual trading.

OpenFinance's timeline for launch was based around its partners' availability, Hernandez explained. For example, Blockchain Capital, a blockchain-focused venture capital company, was the firm's first partner and, as such, had to ensure its security token was ready to trade before the ATS could launch.

That being said, the first tradeable token on the platform is SPiCE VC (SPX). Science, Protos, MintHealth, Corl, Bloxroute and Property Coin will also be added in the near future. Any token sold under a Regulation D, S, A+ or CF exemption can also trade on the ATS.

"[Our partners] are all security tokens that have the necessary smart contract infrastructure in place to be able to trade on our platform," Hernandez said.

OpenFinance has been in regular communication with regulators to receive launch approval, he added, saying: "It's such a new space that the conversations, communications that we've had with regulators more often than not turn into education, where we are highlighting and detailing how our technology and the smart contracts standards allow for adherence to the rules and compliance."

OpenFinance joins a number of other startups seeking to launch ATS platforms. Over the last several months, Bittrex, Coinbase, Templum and Overstock have all announced efforts to launch similar systems as a way to legally trade security tokens on a regulated platform within the U.S.

Edit (12:45 UTC, Aug. 28, 2018): This article was amended to correctly state that retail investors will have a 12-month holding period, not accredited investors.

Coins in a cart image via Shutterstock

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