Mercury.Cash Picks KoreToken as Security Token Protocol for its STO
US-based crypto wallet provider Mercury.Cash chose KoreConX as the official security token protocol to hold its STO.
KoreConX, a company that operates a permissioned blockchain ecosystem aimed at creating tokenized securities, announced on Thursday that its KoreToken was picked by Mercury.Cash, a Florida-based crypto wallet provider, as the official security token protocol to conduct its security token offering (STO).
Mercury.Cash received the first Ethereum Money Transmitter License in Florida, which was granted by the Financial Crimes Enforcement Network (FinCEN). The license allows it to provide crypto and remittance solutions. The company offers a live hosted-wallet product that is currently used by over 10,000 users in North and South America. The solution allows real-time liquidation and transfer between crypto and fiat money in a convenient manner.
The deal with KoreConX reveals that Mercury.Cash intends to conduct a security token offering, though the company didn’t provide more details on the operation.
Among its wide range of services, KoreConX provides a blockchain platform that handles the entire lifecycle of security tokens, from issuance to trading, clearing, settlement, reporting, and management. The platform is powered by artificial intelligence (AI) and connects enterprises with the capital markets, including secondary markets.
Mercury.Cash CEO Victor Romero commented on the deal:
“Our main focus at Mercury.Cash is total regulatory compliance. This makes KoreConX the natural choice when it comes to issuing security tokens, as the KoreToken protocol was created with full compliance across multiple jurisdictions in mind. Just as important, the KoreToken protocol also incorporates safety, security, and investor protection. We look forward to working with KoreConX during our offering.”
KoreConX co-founder and CEO Oscar Jofre stated:
“We are very glad to work with Mercury.Cash as we share the same values in dealing with securities in a responsible way. Based on our extensive experience with regulatory compliance, we are able to manage both the issuance and the complete lifecycle of securities through our KoreToken protocol.”
Mercury.Cash’s STO will have to comply with the Securities and Exchange Commission’s (SEC) regulations. However, the firm is not the first US entity to raise funds through this approach. Earlier, Overstock's blockchain subsidiary tZero raised $134 million through an STO.