TokenMarket, the investment platform powered by blockchain, today announced that it’s highly anticipated security token offering (STO) has surpassed its funding goal, within the first two days of opening. The business is currently in overfunding, having reached 136% of its target in under 48 hours.
The news comes as the business looks to distribute its tokenised equity on the blockchain within the UK’s Financial Conduct Authority (FCA) sandbox test environment.
This is the first time that TokenMarket is offering equity in the business, having been completely self-funded up until this point. Upon launch of the STO on Monday 8th July, TokenMarket received 76% of its £150,000 target raise within the first 24 hours. The TokenMarket STO is currently open for investment and is set to close on Monday 22nd July 2019.
By democratising the investment opportunity to both professional and everyday investors, TokenMarket was able to cater to all investor types, a goal that the business has had since its inception.
TokenMarket CEO Ransu Salovaara, and CTO Mikko Ohtamaa, said:
“TokenMarket started with myself and Ransu discussing how investment opportunities could be democratised for all using blockchain technology. We have helped so many businesses along the way, issuing tokens to hundreds of thousands of investors and further developing their work.
We have always believed that all investor types should have the same level of access to disruptive startups. By starting with our own offering in the FCA sandbox, we are highlighting the efficiencies of blockchain technology when it comes to distributing tokenised equity. To see such a positive reaction to our STO in such a short space of time shows just how dedicated our community really is.”
Since the Company was founded in 2016, TokenMarket has helped to raise £240m for over 30 start-ups and has expanded across Dubai, Malta and Finland. Having secured restricted FCA permissions to carry out this equity issuance, TokenMarket aims to leave the FCA Sandbox as a fully regulated investment platform, for users to access, invest and eventually trade in STOs around the globe.
The business already has a strong and exciting pipeline of upcoming STOs to launch including Cryotech Nordic, Almond App and DOVU, with more to come.