Finova Will Be Using the Polymath Platform and ST-20 standard for their planned Security Token Offering
WEST PALM BEACH, Fla.–(BUSINESS WIRE)–September 19, 2018–
Polymath, a blockchain protocol that makes it easy to create security tokens, announced today a strategic investment in Finova Financial, a digital financial services provider transforming the future of global financial services. Polymath joins Jeremy Gardner from Ausum Ventures and many other leading blockchain/crypto pioneers as investors in the Finova Financial private sale.
Polymath CEO Trevor Koverko stated, “Finova Financial is a growth stage, venture backed company with deployed products, millions in revenue, and rapid growth. With Finova, we are seeing a more mature, venture backed company using the benefits of tokenization instead of a company at the seed or early start up phase.”
Finova has raised over $100M in venture capital and private equity and its financial products are built and deployed straight to consumers. Finova CEO Gregory Keough said, “We’re very excited to be working with the Polymath team and using the ST-20 protocol to show how growth stage companies can forge a new alternative pathway for raising capital and future liquidity on a licensed ATS exchange through the creation of security tokens.”
Keough is the creator of JOBS Crypto Offering (JCO), which, if completed, would give investors the opportunity to invest in equity ownership of privately held companies using cryptocurrency. In a JCO, tokens representing ownership of shares of capital stock in a privately-held company are tracked on a distributed ledger, or blockchain. JCOs would initially be sold pursuant to a registration statement filed under the Securities Act or, for a transaction exempt from registration under the Securities Act, pursuant to Regulation A+.
The JCO model has been selected as the focus initiative for the newly-formed Institute for Blockchain Innovation, a think tank comprised of pioneers in both the traditional and the blockchain-based financial systems, along with leaders from corporate, regulatory, entrepreneurial, venture capital, and governmental backgrounds. The Institute is dedicated to working with leaders in the security token space and establishing standards and best practices to enable and encourage the global community to take advantage of the full power of the blockchain in capital markets.
About Finova Financial
A digital financial services provider transforming the future of global financial services, National Financial Holdings, Inc. (known as “Finova”) develops fair and affordable financial technologies to create a more inclusive financial system and provide a path to financial health for the 2 billion people outside of the traditional financial system. Founded in 2015 by a team of financial services, technology and payment experts, Finova is backed by leading Silicon Valley venture capital firms and Wall Street private equity investors.
For more information about Finova: www.finovafinancial.com
About the Institute for Blockchain Innovation (IBI)
For more information about the JOBS Crypto Offering: www.instituteforblockchaininnovation.org
Polymath Network (Polymath) is a decentralized platform that makes it easy to create security tokens. The Polymath ST-20 standard embeds regulatory requirements into the tokens themselves, restricting trading to authorized participants only. The platform simplifies the complex technical challenges of creating a security token and aims to bring the multi-trillion dollar financial securities market to the blockchain.
For more information about Polymath: https://polymath.network
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