Street Exchange to raise funds from ICO
Street Exchange, a platform for digital currency trading, plans to launch an initial coin offering (ICO) worth US$100 million (3.16 billion baht) next month, aiming to secure funds to develop a decentralised clearing and settlement system.
Some 98% of the raised funds will be the proceeds for the exchange’s security fund and to develop a clearing and settlement system for cryptocurrency transactions, while the remaining 2% will be used as working capital, said chief executive Jamie Parkinson.
The cryptocurrency trading platform will conduct peer-to-peer (P2P) trading, in line with the concept of a decentralised exchange, said Mr Parkinson.
The platform uses an e-wallet based on blockchain technology, making the transactions faster, easier, and more secure, he said.
Registered in Seychelles, Street Exchange plans to expand its operations to South and Southeast Asia, Europe, and the Middle East over the next few years with the goal of becoming one of the biggest exchanges.
“Street Exchange follows strict Know Your Customer [KYC] and Anti-Money Laundering [AML] standards required by most governments. All of our customers are allowed to trade only after receiving KYC and AML documentation approval,” said Mr Parkinson.
Normally, other cryptocurrency exchanges require customers to make deposits to their cryptocurrency e-wallets before commencing trading in order to protect against trading default risks. While Street Exchange follows KYC guidelines, the transactions will be screened by a bank before going through auto-matching, so that the exchange has lower opportunity of damage and in the case of a failed transaction, the exchange will use funds raised in the ICO for clearing and settling the deal, said Mr Parkinson.
The application for cryptocurrency trading on mobile phones with Street Exchange will be more convenient for investors than open-account cryptocurrency exchanges, said Mr Parkinson.
Street Exchange plans for an ICO presale on May 11, with a minimum investment of $5,000 along with a 40% bonus. The bonus will be received as Street X coins after the digital tokens are sold out during public sale periods, which have been expanded into four phases.
The first phase will start on May 26, with a minimum investment of $1,000 and a 35% bonus. The second phase will be on June 11, with minimum investment of $100 and a 25% bonus. While the third phase is scheduled for June 26, with a minimum investment of $100 and 20% for bonus.
The last phase will start on July 4, with a minimum investment $100 and a 10% bonus.
Separately, the Stock Exchange of Thailand has launched the first-ever “Capital Market Innovation Awards 2018” project, to commemorate the bourse’s 43rd anniversary, in search of innovative excellence that benefits the capital market sustainably, while catering to the demands of investors and stakeholders in the digital era.
Applications are open for capital market organisations, the general public, startups, fintech entrepreneurs, and students to win a total cash prizes worth over 800,000 baht.
Submissions are open until June 30 and the winners will be announced on Oct 9.