OpenFinance, an Alternative Trading System (ATS), will be listing Current Media’s security token ($CRNC) on its secondary marketplace.
According to a release, beginning at some point in Q4 $CRNC will commence trading. This will be the first media focused security token as well as the first token available to both US and international investors.
Juan Hernandez, founder & CEO of Openfinance, said their goal is to provide a digital security trading platform that provides liquidity to private security issuers that offer investors a new avenue for diversification and wealth creation.
“Given our goal of building out a network with some of the world’s leading digital asset platforms, we’re thrilled to welcome Current’s $CRNC token, which will enable users to invest in an entirely new business model that’s not available anywhere else worldwide,” said Hernandez.
Current Medis is described as a reward-based streaming ecosystem. The company claims over two million registered users. Current compensates anyone for their attention and data while consuming the posted content.
Additionally, the company’s token, $CRNC, gives brands discounted access to ad inventory within the Current network and enables users to earn rewards faster when streaming music from over 100,000 stations.
Current Media counts billionaire Mark Cuban as one of their first backers. Other investors include Kenetic Capital, FBG Capital, Binary Financial, GSR Capital, CollinStar Capital, Complex Media Founder Marc Ecko, Chandler Guo, Athena Bitcoin, GBIC, AlphaChain, 21 Capital Limited, Gravitas Ventures and a variety of others.
Dan Novaes, CEO and co-founder of Current Media, claims they are the first B2C platform to implement deflationary token-economics for its own native token. This is in contrast to digital assets like Bitcoin or Ripple that continue to expand the number of issued tokens. In theory, a deflationary approach may make the token more valuable over time.
“When considering who our initial listing partner would be, Openfinance stood out – not only as the leading ATS platform for the secondary market trading of digitally formatted securities but also because of a unique distribution partnerships strategy promoting further liquidity for digital asset trading worldwide,” said Novaes.
The token will be powered by Securitize’s DS Protocol. Securitize is an issuance and management platform that has gained solid traction in the marketplace.
Securitize recently closed a funding round featuring Santander InnoVentures, MUFG, and Nomura Holdings.
Carlos Domingo, Securitize CEO & Co-Founder, said that OpenFinance was one of the first digital asset platforms to adopt the DS Protocol.
Openfinance seeks to transform the $8.8 trillion alternative asset market.
Openfinance is backed by VC firms such as Huobi Global, Morgan Creek Digital, Hazoor Partners, Cabin Capital, and West Loop Ventures.
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