Press release by CEX.IO on Altcoin Magazine
Crypto Asset Platform Considers Working with Tokenized Securities
London, United Kingdom, July 23rd, 2019 — CEX.IO cryptocurrency exchange is taking a precise look on security tokens.
CEX.IO considers supporting Security Token Offering (STO) as an innovative financial instrument and testing the functionality and feasibility together with the partnering platform OKONTO that has already launched a EU-compliant STO for GTT tokens backed by Gett Taxi shares.
Backed by its 6-year history, CEX.IO is a veteran of the blockchain industry. It has transitioned from one of the largest Bitcoin mining pools to the exchange platform trusted by over 2.7 million users worldwide.
CEX.IO has always been at the forefront of driving cryptocurrency adoption. It was one of the first exchanges to accept credit cards for cryptocurrency purchases and, thereby, meet the needs of a wide audience.
Today, CEX.IO is on the edge of supporting tokenized securities and scrutinizes the place for this new financial instrument within the regulated financial market.
“STO is an innovative instrument that allows both individuals and professional investors to get direct access to the international financial market. Earlier, it was available only to powerful institutional investors, such as hedge funds and investment banks, whose minimum capital counted on millions, hundred millions, of dollars,” explains Oleksandr Lutskevych, CEO of CEX.IO.
“The support of tokenized securities by cryptocurrency exchanges may lower the entry barrier to several hundreds of dollars making them accessible to almost everyone and transforming the financial system as we know it. And CEX.IO is willing to become a pioneer in that.”
CEX.IO considering the support of security tokens together with its partner OKONTO, an EU-based digital assets platform focused on the investment in digital assets. OKONTO has already launched its STO for GTT security tokens that are backed by the shares of Gett Taxi.
Gett Taxi is a global transport network covering more than 120 cities around the world; it is a leader in the corporate segment of the taxi market.
“By bringing compliant and trustworthy projects to the market, we can stimulate and shape the entire ecosystem in the proper manner. Over the past few years, numerous shady ICOs have created many misconceptions about the entire cryptocurrency industry. Some claimed that it was not possible to create a tokenized solution for security offering and remain within the regulatory landscape,” says Serhii Mokhniev, CEX.IO’s Regulatory Affairs Counsel.
“But there are projects that managed to satisfy the demand for a brand new assets class — tokenized securities — and meet regulatory requirements at the same time. OKONTO is on its way, and we’d love to bring this innovation to the market together with them.”
Currently, CEX.IO is looking into options for supporting GTT and other tokenized securities in certain markets and considering customer protection, compliance, and technical issues.
A multi-functional cryptocurrency exchange established in 2013 and now with over 2.7 million customers worldwide, CEX.IO provides a rich variety of trading tools for Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Zcash, Dash, Ripple, Stellar, and Litecoin. These cryptocurrencies can be traded for USD, EUR, GBP, and RUB.
CEX.IO provides a variety of payment options including credit and debit cards as well as reliable and timely wire transfers. The company strives to offer the best cryptocurrency trading experience and the most convenient service to its customers. Since April 2016, CEX.IO clients have processed over $1 billion US dollars via Visa and Mastercard.
CEX.IO is also a founder of CryptoUK, an association aimed at building cooperation between major cryptocurrency players and authorities in the UK, with the goal of developing an appropriate operating framework for cryptocurrency businesses.
Learn more at www.cex.io
OKONTO is an online platform where users can participate in STO, invest in tokenized securities, buy and sell popular digital assets. The company’s activities are regulated by Estonian law in accordance with EU regulations and comply with the regulatory requirements of the Know Your Client (KYC) and Anti Money Laundering (AML) procedure. The company has a license to operate as a financial institution, a license to provide services of exchanging a virtual currency against a fiat currency, a license to provide a virtual currency wallet service, certification of leading cryptocurrency exchanges.
About GTT Tokens
GTT security tokens are backed by shares of the DVC Drive Tech SP, which belongs to the family of funds of a multi-asset fund platform ITI Funds, and managed by a global private equity fund manager Da Vinci Capital and linked to Gett preferred shares. Tokens will be available during the STO, which is scheduled to launch on July 15 at www.okonto.com.
Peter Ivanov, Communications Officer
London office contact details: 0203 909 6911, 0203 909 6910