Ripple partner SBI Holdings will raise funds by holding a Security Token Offering using the Ibet blockchain platform from Boostry
Japanese financial conglomerate SBI Holdings will raise funds by holding a Security Token Offering (STO) using the Ibet blockchain platform from Boostry, instead of conventional stocks and corporate bonds.
Ripple partner SBI Holdings will raise funds by holding a Security Token Offering
The blockchain tech Boostry came into being after Japanese firms Nomura Holdings and Nomura Research Institute (NRI) established this blockchain platform, especially for digital securities exchange. SBI plans to run its own STO allotting shares of SBI e-Sports, the company’s new e-sports gaming arm. Expected to issue 1,000 common shares on October 30.
SBI said:
“The upcoming STO will be conducted using Ibet. Scheduled for Oct. 30, the STO will be carried out by SBI Securities, while SBI Holdings will act as an underwriter.”
According to the company, SBI Securities will be the underwriter of a digital corporate bond. The company planned to use the previously mentioned ibet blockchain technology to manage the digital bonds in question. The subsidiary may also manage STOs for other assets such as handicrafts, intellectual property, and real estate, which the company believes will allow investors to own smaller stakes of the property mentioned above.
SBI said:
“SBI Holdings considers STOs a core technology of fintech and plans to tokenize some other assets in the future. We look to tokenize assets like real estate, fine art, and intellectual property rights, including copyrights for games and movies.”
The financial giant had always been familiar with the crypto and blockchain sector. With its long-time business partner, Ripple, SBI Holdings had added Money Tap, its cash transfer app, to its business, which was built on Ripple XRP ledger technology. In fact, earlier this year, SBI launched its S Coin platform, which allows governments and corporations to issue digital tokens via the Corda blockchain network from R3.
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