Thai Exchange Satang Raises $9.9 Million
According to Nikkei Asian Review, Satang Group, a Thai-based crypto exchange has raised around $10 million through a security token offering. It’s surprising that an exchange has been able to raise such a significant amount given the extreme market volatility and turbulence.
The raised funds will be utilized towards building an e-wallet called the Satang app and for establishing experience centers in traffic-dense areas for tourists.
The app will enable users to directly purchase digital tokens using fiat currency. This will encourage tourists to buy and sell cryptocurrencies seamlessly. Satang aims to launch STO by early 2019.
Security token offering has become the preferred mode of raising funds for ICOs. The Thai government has approved the company which will provide a further boost to the cryptocurrency and blockchain environment.
Favorable regulatory frameworks and guidelines will allow companies to do business in a hassle-free manner.
Satang’s new security token is being considered as a revolution for the cryptocurrencies in Thailand. The country recently conducted their elections on the blockchain platform. Over 100,000 voters chose their new leader using the voting platform. As the votes were recorded on the blockchain, they protect the data against multiple votes and altered results.
Furthermore, the Thailand government also wants to implement blockchain technology for its national digital ID platform.