1 year ago
101 Finhaven has launched a virtual currency dealer facilitating sales of FINTokens, a connector token between the worlds of cryptocurrencies and security tokens.
Gateway, the virtual currency dealer, was recently registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a money services business.
Gateway issued the FINToken (FIN) as an ERC-20 and BEP-20 token which will operate as a utility medium for innovative, improved transactions in regulated industries using blockchain technology.
Vancouver-based Finhaven Capital is an authorized dealer, marketplace and clearing agency for security tokens in BC, AB, SK, MB, ON, and QC of Canada.
Solving the custodian issue for securities
DH Kim, Chief Executive Officer of Finhaven, said: “Removing third-party custodians is key to real innovation in capital markets. The essence of blockchain innovation is peer-to-peer transactions and self-custody of your assets. In the securities world, however, your investment dealers are custodians of your securities and cash, and banks hold the cash. Unless this fundamental issue is resolved, there is no innovation with blockchain. With Finhaven Distributed Network (FDN, private blockchain), we solved the custodian issue for securities. However, we have not solved the cash custodian issue yet. Having FINToken available for our platform is a giant step closer to solving this cash custody problem.
“To enhance cross-border securities settlement and to have regulators, central banks, and dealers around the world participate in the efficiency of blockchain supported, regulated industries, Finhaven Chain (public blockchain) will be necessary, as will a medium of exchange for the chain. FINToken will be that medium of exchange.”
FINToken allows investors to buy, hold, and trade digital securities using cryptocurrency and to make payments in the Finhaven ecosystem.
Gateway customers can view digital securities offerings from private companies, convert FINToken to fiat currency for use in digital securities purchases, hold those purchased digital securities in a FINWallet and trade those securities with other Private Markets investors.
FINToken can be purchased using cryptocurrency (USDC) or fiat currency (CAD) by Canadian investors only. Finhaven is looking to expand to other jurisdictions with Finhaven partners.
Finhaven is also launching a white label investment platform for issuers and investors and a capital raise marketplace for the global venture world.
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