OpenFinance Network (OFN), an alternative asset financial services firm, announced on Wednesday the opening of applications to list regulatory-compliant crypto security tokens for trading, clearing and settlement on its platform.
Chicago-based OFN specializes in secondary markets for alternative assets, with experience in capital markets, technology, and securities law. OFN has worked with leading brokerage houses, banks, and transfer agents on the trading, settlement, and clearance of illiquid assets since 2014. According to its statement, the company is now focused on an end-to-end, regulatory-compliant standard by which tokenized securities and other alternative assets can be safely listed on an exchange. Notably, OFN states that it is one of only a handful of operational firms to have successfully completed a security token trade .
The Company’s Head of Sales Tobin McComas stated, “OFN is an operational platform and has been for some time. Our significant experience improving trading, clearing, and settlement in the private placement and alternative asset space puts us at the forefront of bringing transparency and secondary trading to the tokenization era. We are pleased to be among the first to not only offer security-token trading, but also to have an established ability to execute against that offer.”
CEO of OFN Juan Hernandez added, “The need for a better approach to the underlying process for validating trades has been recognized for years. Blockchain – secure software protocols designed specifically for recording and verifying transactions in a distributed and therefore secure fashion – presented an obvious solution. Our team has the expertise and market knowledge to apply the technology in a way that makes sense for investors and large institutions, and we’re excited to bring these capabilities both to them and to the crypto markets at large.”
Assuming applicants meet listing standards, OFN states that their security would be eligible for secondary market trading on the OFN platform, following any mandatory holding period (e.g., pursuant to Securities Act Rule 144(d)).
To learn more about OFN, visit https://www.openfinance.io/.
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