UK Token Advisory Firm TokenMarket to Help DOVU Conduct STO

TokenMarket extended its partnership with blockchain-oriented mobility ecosystem DOVU to help it organize its security token offering.

Token advisory service provider TokenMarket announced on Tuesday that it had reached an agreement with blockchain-oriented DOVU, which focuses on mobility use cases. According to the partnership, TokenMarket will support DOVU with its first security token offering (STO) event.

DOVU, a startup backed by Jaguar-Land Rover's investment branch InMotion Ventures and UK non-profit organization Creative England, had its token sale event last year and secured $6.2 million. The firm used the funds to build a token, wallet, and marketplace ecosystem revolving around mobility rewards. Earlier this month, DOVU announced its intention to sell 5% of its equity through an STO, which is planned for the first quarter of next year. After the equity crowdsale, users will be able to hold both utility and security tokens, with the latter providing ownership rights.

DOVU founder and CEO Irfon Watkins commented:

“We launched in 2016 and secured equity investment from our partners. This enabled us to build the company and embark on our utility token sale. We have been looking at ways to tokenize all of DOVU, so that our current and future equity holders can participate within this innovative sector. We look forward to a successful STO and welcoming new equity token holders to the DOVU family.”

Earlier this year, TokenMarket was included by the UK Financial Conduct Authority (FCA) in its Regulatory Sandbox to focus on STOs. The company will continue to work within the sandbox to trial and develop issuance of digitized equity. TokenMarket supported the DOVU team earlier when it conducted its token sale.

TokenMarket CEO Ransu Salovaara stated:

“We are thrilled to announce that we will be holding our first tokenized equity crowdfunding campaign out of the UK with DOVU. Having worked with the team for their ICO, we have the utmost confidence in the project's high calibre team and forward-thinking vision.”

Earlier this year, the analytical companies Big Innovation Centre, DAG Global, and Deep Knowledge published a report that stated the UK was in a good position to become a global blockchain and cryptocurrency hub.

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