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Crowdfunding platform seriesOne has announced that it has entered into a joint venture with South Korean cryptocurrency exchange Bithumb to launch a security token exchange in the United States.
According to the official release, the new exchange will offer a compliant marketplace to trade security tokens, subject to regulatory approvals from the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
seriesOne said that it operates a platform in the US for initial security token offerings under SEC exemptions such as Reg CF and Regulation D. The SEC compliant crowdfunding portal enables businesses and entrepreneurs to raise money through initial coin offerings (ICOs), in which crypto tokens are issued on a blockchain, as well as through traditional equity and debt securities.
Together with Bithumb, seriesOne believes they are well positioned to execute on a global token exchange that operates in compliance under US securities laws.
seriesOne has appointed Kaine Kim, former Deputy Director of South Korea's Financial Services Commission (FSC), as Managing Director of seriesOne South Korea and Head of Asian Operations and subsequently incorporated seriesOne South Korea.
"We are thrilled to collaborate with a global leader in the blockchain and crypto space," said Michael Mildenberger, CEO of seriesOne. "I believe that our companies will be able to create a unique product to not only tokenize major assets, but that could also create liquidity through a compliant token exchange."
In addition to the joint venture, Bithumb is investing in the seriesOne entity in South Korea to scale technical development and marketing.
"We are very excited about joining with seriesOne. We are not only impressed by the mix of talent between investment banking, compliance, and technology of the seriesOne team but also with their deep understanding of US securities regulations and how they apply to token offerings,” Back Young Heo, CEO of Bithumb, said.
Recently, Bithumb sold over 38 percent of its equity to a Singapore-based blockchain consortium for 400 billion won (approximately $350 million). The exchange also suffered a major hack in June this year in which lost nearly $31 million, but later announced that it was able to reduce the losses to $17 million after it collaborated with its global counterparts to retrieve some of the lost funds.
