All About Tokenized Shares: Economic Shares in SpaceX
20 April 2019
Each week we share the latest news in the tokenized assets industry. This is newsletter #32 — subscribe here to get it in your inbox every Thursday.
Some strange news this week with company Ambisafe launching so-called SpaceX Security Tokens. SpaceX is not a publicly traded company, and doesn’t seem to be involved in the offering.
Instead, private investors in SpaceX sign a profit-sharing contract with a Special Purpose Vehicle created by Ambisafe, which in turn sets up ‘USPX’ tokens that each represent a tenth of a SpaceX share.
We’re not yet sure what to think of this. Yes, it may have a democratizing effect on private company investment (and who wouldn’t want to own shares in SpaceX?). But then again, you wouldn’t actually own SpaceX shares; they are shares of an SPV that tracks SpaceX’s economic value, which is an entirely different thing.
One of the areas I think it [tokenization] actually can be massively helpful, is where the existing markets are already decentralized but very inefficiently decentralized. A great example of that is the US public equity markets. […] It’s a very decentralized system with different fragmented ledgers that often get out of whack and cause problems because they’re inconsistent. Well, damn, now, now you’re talking, right?!
— Blockchain Attorney Gabriel Shapiro in an interview with Coinlaw.
💸 In a trial, UK-based blockchain venture studio 20|30 has raised £3m selling tokenized shares on a platform operated by the London Stock Exchange Group. 20|30’s portfolio projects include Pillar and TokenFactory.
🏘️ Latin American investment bank BTG Pactual’s ‘ReitBZ’, a tokenized real estate deal, has hit its soft cap, raising $3m so far, with a hard cap of $15m.
🌇 AlphaPoint and Elevated Returns plan to launch a secondary market for tokenized real estate, specifically focusing on Southeast Asian property markets.
🏗️ Venture capital fund Collaborative Fund has launched Collab Crypto, a crypto VC fund that has already invested in the likes of Algorand, Maker and Radar.
✋ Tokeny, Havas Blockchain and Psion Finance launch ST8, a platform for French SMEs looking to raise capital.
⛓️ The Enterprise Ethereum Alliance, JPMorgan, Consensys, Microsoft, IBM, R3 and others, have launched the Token Taxonomy Initiative — to establish a set of terms and definitions for tokens.
🌊 What is the new wave of security tokens? Apparently, alternative investments such as private credit.
⛔ As a follow-up to last week’s news, here’s an article on why tokenized real estate doesn’t make sense, by Atomic Capital’s CEO Alexander Blum.
🇬🇧 UK-based Almond is issuing a tokenized share through TokenMarket,offering both ownership and dividend rights. The app helps consumers reduce carbon emissions by buying from responsible brands.
💰 With the launch of v0 of its security tokenization platform, Chaineum Labs will soon be starting its own fundraising round.
💱 Not fully new, but the STO of social crypto exchange Blockport has gone live this week. It started with a bit of a hitch, as due to a bug the launch had to be moved with 24 hours. The company is initially aiming to raise €5m for their profit-sharing token.
A slightly longer newsletter this week, so we’ll keep this short.
See you next week! 👋
In this article, we provide an overview of Security Token Blockchains.
On Euronext’s investment in Tokeny, the Huobi Finance Chain and Fusion’s mainnet launch.
At the end of June 2019, a variety of ICO, IEO and STO Reports were published. We share them in this newsletter.
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