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Tokenized security platform iSTOX is riding the momentum that it created and has reportedly scored another win that would propel its development forward. The fledgling company announced today, Nov. 18, that is successfully secured a $5 million funding from the Tokai Tokyo Global Investments.
This partnership could be a crucial part of iSTOX’s future as Tokai has a comprehensive network in Japan that could open up doors for investors operating in the country. Danny Toe, Founder and CEO of ICHX – iSTOX's parent company – underscored the importance of this collaboration that would eventually lead to the company’s desire to being a global leader in the financial sector.
“Our partnership with Tokai is an important part of our overall goal of establishing the iSTOX platform as a central pillar of the emerging ecosystem for digitized securities. Japan is a very key market for us and we're extremely happy to partner a well-respected and established institution like Tokai to bring more choice and opportunity to the Japanese financial ecosystem,” Toe said.
iSTOX to launch in Q1 2020
At the moment, iSTOX is looking to emerge from the Monetary Authority of Singapore (MAS)'s FinTech Regulatory Sandbox and aims to launch its operation in the first quarter of 2020. The platform’s main business model is to get rid of middlemen and expedite settlement transactions through the use of tokenization.
President & CEO of Tokai Tokyo Financial Holdings Tateaki Ishida expressed his excitement over the partnership and recognizes iSTOX’s role in the evolution of the stagnant financial sector. The crypto industry has been heavily disrupting the financial market after it entered the mainstream scene, with central banks and large financial institutions trying to leverage what the technology offers.
Singapore pushing global adoption forward
Singapore, despite its size, has been one of the leading countries that are spearheading global crypto adoption, and iSTOX is just one of the many projects in the MAS' sandbox. Earlier this month, Singapore granted Switzerland-based crypto bank Sygnum a capital markets services (CMS) license that would allow the company to offer asset management support for its clients.
