- What's Drippin'
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- 🏨 Kenedix and MUFG Are On a Rally
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Gooood morning, Rainmakers! ☀️
As always, we have two captivating topics for you to dive into:
1️⃣ 🏨 Kenedix and MUFG Are On a Rally
2️⃣ 🤝 BitGo's Institutional Wallet with INX
Without further ado, it's time to…
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🏨 Kenedix and MUFG Are On a Rally
I love that security tokens are being adopted worldwide and this week we see Japan coming in hot with another offering! Real estate asset management firm Kenedix announced not their 1st, not their 2nd, not even their 3rd, but their 5th security token offering 🤯!
This one’s backed by a traditional hotel (Ryokan) in Sapporo City called ONSEN RYOKAN Yuen Sapporo. The ¥3.4B ($25M) raise was offered to Japanese investors at ¥1M (~$7400) per token. Partners involved include:
Trustee: MUFG
Issuance Platform: MUFG’s Progmat (based on R3’s Corda enterprise blockchain)
Underwriter: Daiwa Securities
In addition to the security token, this offering also comes with a utility token! This is redeemable for souvenirs on-site worth ¥1,930 ($14), cool way to get investor perks right away. As an investor you may already be enticed to check out what you’ve invested in but this is a fun sweetener.
This STO brings the Progmat platform’s total value of assets to ¥43B ($310M). Progmat’s working on interoperability with their stablecoin, Progmat Coin, to settle transactions on multiple blockchains. Although MUFG is behind Progmat, Progmat Coin can be issued by any other bank.
Kenedix says they want to issue 10 STOs this year and they’re already at 5! Definitely on track and I’ll be keeping an eye out 👀
🤝 BitGo's Institutional Wallet with INX
Introducing a wallet management solution for institutional investors: BitGo and INX!
Custodians in the space have always been a part of the tokenization process, however due to their “back-end” nature are often overseen. With that said, they’re probably one of the most important pieces to the puzzle especially if a qualified custodian is needed. More on this in Episode 150 of the Security Token Show 👇
Back to this topic though, aside from qualified custody status another issue is the management of these wallets. This is where institutions run into problems as a normal retail wallet won’t cut it - too susceptible to single point of failure.
This new solution allows for customized wallet management policies based on role including: viewers, spenders, approvers and administrators. This means institutions can separate assets by client through multiple wallets, each with its own management policy so even the client could be an approver if they wish to be involved!
Our wallets can connect to and interact seamlessly with INX.One without compromising on security or reliability. This will unlock new possibilities for investors and serve as a gateway for institutional adoption of Web3
INX is inviting institutions to trial the new solution and experience the benefits, highly encourage them to do so! INX has both security tokens and crypto on their platform, BitGo is a qualified custodian, can’t hurt to try it out!
Congratulations Lisa Jowett, Brett Kelley, & the BitGo team and INX’s Itai Avnery, David Azaraf, & team!
💦 What else is Drippin’
With Real-World Assets (RWA) shaping up to be the theme of 2023 within digital assets, Security Token Market just published a primer that looks at 13 public blockchains and sample cases, as well as shows some love to initiatives on the private blockchain side.
RWAs can take the form of real estate, private funds, mortgages, asset-backed securities, even receivables. Essentially, onboarding traditional or existing assets to the blockchain in order to make use of them in the DeFi ecosystem. The idea is that 1) real-world assets serve as superior collateral than an unbacked stablecoin or digital asset and 2) investors and asset owners yearn to make use of the DeFi ecosystem (lending, swapping, real-time settlement) in a controlled and compliant manner. Ideally, the DeFi ecosystem will provide asset owners with added benefits and precision NOT found in the traditional capital markets landscape.
Keep in mind this is geared towards:
-prospective security token issuers with models from active issuers
-asset managers
-tokenization service providers like digital broker-dealers & issuance platforms
-Layer 1 and Layer 2 blockchains, and private networks
This is not financial or investment advice.
Everything in this report is for informational and entertainment purposes only. Nothing in this report should be taken as financial advice or as an inducement to purchase or sell any security. Nothing in this market report should be used as legal advice. Always do your own research before making any decisions regarding financial transactions of securities.