On Wednesday, three major Korean securities firms, KB Securities, Shinhan Investment & Securities and NH Investment & Securities, announced a consortium for digital securities. Each already started working separately on security tokens.
Together they hope to share costs and gain economies of scale to attract more issuers for security token offerings (STOs). Additionally, by sharing the same distributed ledger, they aim to reduce fragmentation. In some jurisdictions, multiple digital securities platforms have created silos that are not interoperable. And if other securities firms join the consortium, it will enhance these benefits even more. They also hope to establish industry standards. “Through the cooperation of the three securities companies, we will bring about great changes in the security token market,” said the companies in a joint statement. They continued, “We will lead the Korean financial market by opening a new financial paradigm.” Source: Ledger Insights
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