DigiFT and Diners Club Redeem First Regulatory-Compliant Corporate Note Security Token

[PRESS RELEASE – Singapore, Singapore, 12th September 2022]

In an industry first, Diners Club’s corporate note was tokenized and issued with an Automatic Market Maker liquidity pool on DigiFT Security Token DEX.

DigiFT will mint 100 NFTs to commemorate its inaugural security token listing.

DigiFT, which aims to provide regulated decentralized finance solutions on the Ethereum public blockchain, has successfully completed the issuance, secondary trading, and redemption of a corporate note security token on its decentralized exchange (‘”DEX”). To commemorate the completion of DigiFT’s inaugural listing, 100 NFTs will be minted and air-dropped to partners and various stakeholders.

The one-month note issued by Diners Club (Singapore) Private Limited (“DCS”) was fully subscribed at its initial offering on August 1st, 2022. Investors were able to trade the security token on DigiFT Security Token DEX efficiently with 80% of the transactions completed through the Automatic Market Maker (“AMM”) mechanism. Unlike a traditional exchange that relies on active market markers to complete a buy or sell order, AMM facilitates secondary market trading via smart contract liquidity pools.

Henry Zhang, CEO of DigiFT, shared, “Our token investors are the first in the world to trade real-world regulated financial assets on a public blockchain DEX. We will continue to innovate and offer more investment products for digital users in a regulatory-compliant manner.” Mr. Philip Koh of DCS shared, “The token is a significant breakthrough that leverages the benefits of blockchain to develop an alternate source of funding.”

DigiFT, founded in 2020 by Wanli Li and Henry Zhang, is striving to be the first regulated decentralized security trading exchange and is currently operating in the Monetary Authority of Singapore’s FinTech Regulatory Sandbox (“Sandbox”) as an exempt Recognised Market Operator with a Capital Markets Services licence. The blockchain-based exchange is the first decentralized finance trading platform admitted into the Sandbox. It facilitates the primary offering and secondary trading of security tokens backed by financial assets. As a result, investors can trade directly from their digital wallets after completing a know-your-client onboarding process.

DCS is a franchisee of Diners Club International Ltd., a direct banking and payment services company. The company has a large cardmember base in Singapore.

About DigiFT

DigiFT aims to provide regulated decentralized finance solutions on the Ethereum public blockchain. DigiFT launched the first regulation-abiding digital asset exchange. Asset owners can issue blockchain-based security tokens on our platform, and investors can trade with continuous liquidity via the Automatic Market Maker mechanism. DigiFT is a global outfit backed by well-established venture partners. The founding team originates from Goldman Sachs, UBS, Citibank, and Morgan Stanley. It has deep blockchain technology knowledge, having successfully developed digital asset exchange and products in the past.

The post DigiFT and Diners Club Redeem First Regulatory-Compliant Corporate Note Security Token appeared first on CryptoPotato.

Related Posts

Insolvency not in ‘Nexo’s reality,’ says co-founder during AMA

Co-founder Kalin Metodiev stated that comparisons between Celsius, Voyager and Nexo are “very far from reality” and that the firm is focused on building in a sustainable…

Ethereum Name Service: Here Are the 5 Most Expensive ENS Domains

Ethereum Name Service (ENS) domains have seen a sharp rise in interest over the last six months. New registrations hit 437,000 in September alone. On secondary markets…

Anchorage co-founder sees ‘tons of opportunity’ as it expands into Asia

Anchorage Digital has marked its plans for expansion into the Asian crypto market, with co-founder Diogo Mónica noting that Singapore is just a starting point. Anchorage Digital…

Federal regulators are preparing to pass judgment on Ethereum

The Securities and Exchange Commission is moving to take action against Ethereum that reaches far beyond America’s borders. Are regulators with the U.S. Securities and Exchange Commission…

Why It’s Important To Build Stablecoins On Bitcoin

Lightning Labs is building the ability to use stablecoins on the Lightning Network using the new Taro protocol due to demand in emerging markets. This is a…

SEC Chair Gensler Insists Most Crypto Tokens Are Securities — Says ‘the Law Is Clear’

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reiterated that most crypto tokens are securities, emphasizing that “the law is clear on…

Generated by Feedzy