Beginning Q4 2019, Investors Will Be Able to Freely Trade the Media Industry’s First Blockchain-Enabled Digital Security on Openfinance.
CHICAGO–(BUSINESS WIRE)–Openfinance, the leading platform for the secondary market trading of digital alternative assets, announced today Current Media’s $CRNC Token will list on the Openfinance Alternative Trading System (ATS) and its international network of market participants during Q4 2019. $CRNC is the first media-focused security token, and notably will also be the world’s first freely traded security token available to U.S. and non-U.S., accredited and non-accredited investors.
“Our goal at Openfinance is to provide a digital security trading platform that offers private securities issuers an established venue for secondary market liquidity for their investors and offers those investors a variety of opportunities for diversification and wealth creation. Given our goal of building out a network with some of the world’s leading digital asset platforms, we’re thrilled to welcome Current’s $CRNC token, which will enable users to invest in an entirely new business model that’s not available anywhere else worldwide,” said Juan Hernandez, Founder & CEO of Openfinance.
Current is a reward-based streaming ecosystem with over two million registered users that compensates anyone for attention and data while consuming content. The company’s token offering, $CRNC, gives brands discounted access to ad inventory within the Current network and enables users to earn rewards faster when streaming music from over 100,000 stations. The $CRNC token is part of Current’s cutting-edge rewards platform that enables users to be more fairly compensated for their data, time and attention while engaging with media. The company counts billionaire Mark Cuban as one of their first backers. Investors in $CRNC include Kenetic Capital, FBG Capital, Binary Financial, GSR Capital, CollinStar Capital, Complex Media Founder Marc Ecko, Chandler Guo, Athena Bitcoin, GBIC, AlphaChain, 21 Capital Limited, Gravitas Ventures and a variety of others.
“Current is the first B2C platform to implement deflationary token-economics for its own native token. From a U.S. perspective, this could only be possible under the classification of a digital security,” said Dan Novaes, CEO and Co-Founder of Current Media. “When considering who our initial listing partner would be, Openfinance stood out – not only as the leading ATS platform for the secondary market trading of digitally formatted securities but also because of a unique distribution partnerships strategy promoting further liquidity for digital asset trading worldwide.”
$CRNC security tokens will be powered by Securitize’s DS Protocol. Securitize is a platform for issuing and managing digital securities on the blockchain. The DS Protocol enables digital securities to be traded in a compliant way across global marketplaces and exchanges. Securitize recently closed a funding round featuring Santander InnoVentures, MUFG, and Nomura Holdings. Securitize is also the first blockchain-enabled transfer agent to be approved by the U.S. Securities and Exchange Administration (SEC).
“Securitize’s DS Protocol provides the flexibility and power for companies like Current to issue and manage innovative digital securities like $CRNC, and Openfinance, who was one of the first to adopt the DS Protocol, is making liquidity a reality for the whole industry,” said Carlos Domingo, Securitize CEO & Co-Founder.
Openfinance has established itself as the leader in the space and the preferred ATS for issuers and investors. Backed by a team of industry veterans, technologists and key partnerships, Openfinance continues to transform alternative asset investing and provide unprecedented access to liquidity and investment opportunities in the $8.8 trillion alternative asset market. Openfinance is backed by noted VC firms such as Huobi Global, Morgan Creek Digital, Hazoor Partners, Cabin Capital and West Loop Ventures.
Openfinance is the leading platform for the secondary market trading of digital alternative assets. The platform enables market participants to buy, sell and list a range of alternative assets in the secondary market in a more efficient and secure way. It also provides access to investment opportunities and liquidity in the $8.8+ Trillion alternative asset market that were not previously available. Backed by a team of industry veterans and technologists, Openfinance represents the next evolution of alternative asset investing. For more information, visit www.openfinance.io. Securities offered through Sageworks Capital, LLC, Member FINRA/SIPC.
Current is a reward-based streaming ecosystem that compensates users for attention and data while consuming content —as much as $600 in value per year—with points redeemable for gift cards, consumer electronics and other future forms of payment coming such as cryptocurrency. Current is backed by some of the world’s most notable investors within the blockchain industry. Current is the first B2C platform to implement deflationary token-economics for its own native token $CRNC. For more information, visit www.current.us.
Securitize delivers trusted global solutions for creating compliant digital securities. The Securitize compliance platform and protocol provide a proven, full-stack solution for issuing and managing digital securities (security tokens). Securitize’s innovative DS Protocol has the highest adoption rate in the industry and enables seamless, fully compliant trading across multiple markets simultaneously. Multiple Securitize powered digital securities are already trading globally on public marketplaces with many more in the pipeline.
Securities are offered through Sageworks Capital, LLC, an affiliated entity, and a registered broker-dealer and member FINRA/SIPC. Neither Openfinance, OpenFinance Network, Sageworks Capital, LLC, nor their affiliates provide any investment advice or make any investment recommendations to any persons, ever, and no communication through herein or in any other medium should be construed as such. Securities offered on the OpenFinance Network (“Openfinance”) ATS have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Assets listed herein are securities that are not publicly traded, may be subject to holding period requirements, and are intended for investors who do not need a liquid investment. These investments are NOT bank deposits (and thus NOT insured by the FDIC or by any other federal governmental agency), are NOT guaranteed by OpenFinance Network or its affiliates, and MAY lose value. Investors must be able to afford the loss of their entire investment. Eligibility to buy and sell securities on Open Finance Network depends upon the circumstances of each prospective buyer and seller and the legal requirements applicable to the particular securities offering, in each case as assessed by Open Finance Network. This communication is not an offer of any securities for sale. Offers to sell, or the solicitations of offers to buy any security can only be made through official offering documents that contain important information about risks, fees and expenses. Investors should conduct their own due diligence, not rely on the financial assumptions or estimates displayed herein, and are encouraged to consult with a financial advisor, attorney, accountant, and any other professional that can help you to understand and assess the risks associated with any investment opportunity. Past performance is not indicative of future results. Neither the Securities and Exchange Commission nor any federal or state securities commission or regulatory authority has recommended or approved any investment or the accuracy or completeness of any of the information or materials provided herein or through any references/links herein. Any financial projections or returns shown herein are illustrative examples only, and there can be no assurance that any valuations provided are accurate or in agreement with market or industry valuations. Any investment information contained herein has been secured from sources OpenFinance Network and its affiliates believes are reliable, but we make no representations or warranties as to the accuracy of such information and accept no liability therefore.
On behalf of Openfinance
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Original Release: Business Wire