Satang Corp to Raise $9.9 million Through a Security Token Offering (STO).
Thailand which recently hosted the first-ever blockchain based primary election is on its way to establishing itself as a force to reckon with when it comes to blockchain adoption. A recent report has made it known that a Thailand-based cryptocurrency exchange called Satang Corp is about to raise $9.9 million through a security token offering (STO).
Satang Corp to Raise Funds With STO
This news is coming at a time whereby the market is crashing and losing its capitalization. According to a recent report, Satang Corp has also made its intention as regards how it will be spending the funds raised using the STO. It was reported that the exchange “plans on building its proprietary e-wallet app, the Satang App, which would make it easy for customers to buy cryptocurrencies with fiat.” Also, it is looking to “setup experience centres at highly dense tourist areas in Thailand.”
According to the CEO of Satang, Poramin Insom, the STO is likely to take place in the first quarter of next year.
What is an STO?
An STO basically means creating an investment offer where stock or bonds are tokenised and put on a blockchain.
STO’s has been described as a way for crypto focused companies to sideline regulatory restrictions plaguing its predecessor, Initial Coin Offerings (ICO).
STO offers investors shares in whatever company issuing the tokens. Meaning such investor shares in the profit and loss of such company.
A recent report has also shown that Satang Corp has received all the necessary go-ahead from the Government of Thailand. The Government of Thailand has been making moves aimed at increasing the activities of blockchain industry within its borders. The country recently made an announcement that it will be using blockchain technology to track Value Added Tax (VAT) to curb the menace of Tax evaders within the country.
