The Open Finance Network (OFN) is a trading platform for tokenized securities. It’s more recent announcement may change the game for industry players. According to the network, it plans on starting partnerships with key blockchain-focused industry groups, including Harbor, Republic, Securitize and Science Blockchain. These partnerships allow for a greater amount of listing pipelines for OFN, and to date, it features 130 security tokens with a total market cap of $6B+.
The system is founded on Ethereum and OFN is the only technology platform that completely complies with token security requirements. It also intruding a new option to promote liquidity in the alternative market. According to Juan Hernandez, founder and CEO of OFN:
“The goal of OFN is to support a broad ecosystem of high-quality service providers, working with the most innovative companies to issue security tokens. We share an unrelenting commitment with these partners to advance the industry and to keep raising the bar.”
Further, OFN is working with leading banks, brokerage houses, custodians, and transfer agents that are all a part of alternative markets. This venture may provide a new vehicle for asset liquidity. Josh Stein, the CEO of Harbor states:
“Brining private securities to blockchains allows issuers to lock up capital without locking up investors. Harbor is creating an ecosystem of trading platforms so that the securities can trade on the right platforms to get the best liquidity for investors, and we look forward to tokenized securities on the OFN trading platform. Kendrick Nguyen, CEO and founder of Republic further adds, “We’re excited to partner with OpenFinance Network in creating greater liquidity for our investors, and new opportunities for non-accredited investors to invest in startups.”
These are just a few examples of license agreements that exist for the OpenFinance Network. There are many other agreements that it has with other industry influencers, such as issuance, transfer agent technology companies, and even smaller token real estate funds that are all being solidified. The announcements concerning these partnerships will be made in due course as the company establishes its footing. Further, the OFN beta is currently live on the Rinkey TEstNet environment and it is limited to early investors and partners. Live trading is also scheduled to launch in June.