Global investment platform, TokenMarket announced plans to raise up to £10 million ($12.9mn) via a Security Token Offering (STO). The offering, which is open to professional and self-certified investors, landmarks the first of its kind where the shares issued are represented as blockchain based digital tokens. The crowdfunding campaign is expected to take place within the Financial Conduct Authority’s (FCA) Regulatory Sandbox.
Over the last two years, TokenMarket has established itself as an industry veteran having assisted some of the most innovative blockchain companies in raising more than £240 million. With £9 million in revenue in its last financial year, the company has been completely self-funded up until this point.
TokenMarket plans to use the additional funding to “fully capitalize on the expected £77 billion a year market of startup and growth company financing”, according to a statement. The platform is set to expand in the EU and Dubai.