Ambisafe has released the world’s first regulatory compliant on-chain shares.
First on-chain shares? You might be wondering why Ambisafe would be making these claims. Afterall, aren’t all security tokens issuing on-chain shares that represent equity in their company or fund?
Unknown to most token buyers that have not chosen to spend hours reading through the legal details describing exactly what each security token represents; most security tokens are not actual on-chain shares, but are actually indirect fractional economic interest.
As an example, let’s take a look at what exactly the Blockchain Capital Tokens (BCAP Tokens) represent. Blockchain Capital TokeHub Pte. Ltd. is a holding company, which holds the sole limited partnership interests in Blockchain Capital’s fund “Blockchain Capital III Digital Liquid Venture Fund”. This means that Blockchain Capital TokeHub Pte. Ltd actually owns all of the shares of Blockchain Capital III Digital Liquid Venture Fund. If that is the case, what do token buyers actually own?
BCAP’s memorandum actually describes tokens as representing “indirect fractional non-voting economic interest in [Blockchain Capital TokeHub Pte] sole asset, the sole limited partner partnership interest in [Blockchain Capital III Digital Liquid Venture Fund]”. In other words, tokens are not shares in the fund, but actually indirectly represent economic interest in the fund.
In contrast our project USPX, an initiative to tokenize economic interest in SpaceX, has the following written in its articles of association:
“Shares of USPX Non-Voting Common Stock shall be represented by USPX Tokens recorded in the Register of USPX Shareholders stored on the Ethereum blockchain database… and therefore any transfer of these shares can be made only in the form of electronic transfer of USPX Tokens. No other form of transfer will be valid in the case of this class of shares.”
In other words, we are directly using the Ethereum blockchain to represent our cap table, and USPX tokens are direct shares of Unicorn Tokenization Corp. the fund with the rights to economic interest in SpaceX.
Ambisafe’s vision is to create the blockchain infrastructure to allow for direct access to financial assets globally. By issuing the first on-chain shares, Ambisafe is disintermediating one layer in the complex legal web that is currently involved in buying securities assets on the blockchain.
“SpaceX” is a registered® trademark of its respective holder Space Exploration Technologies Corp. (referred to herein as “SpaceX”). Any reference to SpaceX in this press release is made for general informational purposes only and does not constitute an endorsement or affiliation by Space Exploration Technologies Corp. This article does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the USPX tokens in any jurisdiction in which such offer, solicitation or sale would be unlawful.