Thailand’s Satang Crypto Exchange Secures $9.9 Million with Its Security Token Offering (STO)
According to the Nikkei Asian Review, Thai crypto exchange company Satang Corp is looking to raise approximately $10 million through a security token offering. This is coming in the wake of crashing crypto prices, market turbulence and considerable market volatility.
The company aims to utilize all raised funds for the purpose of building its own ewallet app called the Satang app and establish experience centers in highly traffic areas for tourists who visit the country.
With this app, users would be able to directly purchase their choice crypto tokens using fiat currencies. Their presence at these experience centers is meant to help encourage tourists who want to exchange cryptos or buy them, do so seamlessly and smoothly. The company hopes to launch their STO, early 2019.
According to Satang CEO and ZCash founder Poramin Insom,
“We are aiming for the first quarter of 2019 to do the security token offering,”
Security token offerings have become the ICOs, and are seen as excellent ways for crypto companies to raise funds, whilst still meeting the necessary regulatory requirements. Investors are able to invest with the intent that they’ll share in the profits of companies they’re invested in.
STOs are an improved and more mature form of initial coin offerings and will most likely be the way forward in the crypto sector. The company has been given the go ahead from the Thai government, which has made efforts to create an enabling environment for blockchain based companies to thrive.
They did this courtesy of the implementing of favorable regulatory frameworks and guidelines that will help blockchain do business within the country’s guidelines.
Satang’s new security token offering is hailed as the beginning of a new dawn in the country. One that will hopefully be followed by Bithumb’s establishment and opening of a Thai office. Bithumb is currently South Korea’s 2ng biggest cryptocurrency exchange platform.
Thailand has made great strides in blockchain technology recently. The country successfully conducted its pioneer primary election on the blockchain platform. The election saw in excess of 100,000 voters choose a new leader using the platform for their voting.
Because the election was held on the blockchain platform, cases of multiple vote counts and result alteration were nonexistent, thanks to blockchain ledger’s immutable nature.
Consequently, the country intends to further utilize the technology for some of their other processes. In November, Thailand’s federal revenue department declared its intention to deploy distributed ledger to the country’s tax infrastructure, with the hopes of curbing tax evasion and eliminate fake value added tax refund claims by unscrupulous individuals.
The ultimate goal of this, according to Ekniti Nitithanprapas, the agency’s DG, is to take advantage of new and modern technologies in a bid to properly track and integrate taxpayers who were missing from the system, as well as increase the agency’s revenue.
Thailand government also intends to use blockchain technology to power its upcoming national digital ID platform, thus providing Thailand citizens and residents with a nationally accepted means of identification.
Bank of Thailand, the country’s central bank is currently working on a national digital currency based on the blockchain platform. This will help ease the transfer of funds between it and commercial banks in the country.