Bitfinex Operator Invests $1M in Upcoming Amsterdam Security Token Exchange

iFinex, the operator of popular cryptocurrency exchange Bitfinex has made an investment worth $1 million in Amsterdam-based fintech startup Dusk Network to facilitate the development of Dusk’s regulated security exchange. 

Dusk Network security exchange would provide trading service for tokenized assets that cut across various financial industries, including shares, bonds, commodities, Exchange Traded Funds (ETFs), and is expected to launch by Q1 2020.   

According to the announcement, when Dusk launches officially, the project would be among the first regulated security token exchanges to bridge the gap between the traditional financial space and the blockchain ecosystem. 

Dusk Network is reportedly planning to tokenize assets from several SMEs in the Benelux region, thus giving users more trading alternatives. 

Under the partnership, Dusk hopes to leverage iFinex’s expertise in the blockchain industry to enhance Amsterdam’s global recognition as a financial hub. 

Commenting on the initiative, Jelle Pol, Business Lead at Dusk Network, said: 

With iFinex Inc.’s involvement, we add the experience and user base of one of the largest successful entities in the blockchain industry.

Pol disclosed in an interview with The Block that the firm is hoping to obtain regulatory approval under the EU framework MiFID II (Markets in Financial Instruments Directive). 

Being regulated under the EU MiFID II regulation would give Dusk Network the edge to decide whether to acquire a Multilateral Trading Facility (MTF) license or a Regulated Market (RM) permit, Pol added. 

Before this time, Dusk Network had raised 7.4 million euros ($8.85 million) from a private sale in 2018.  In mid-2019, the project also conducted an IEO for its DUSK token on Bitfinex. 

In a similar development, Coinfomania reported that the Republic of Seychelles stock exchange, MERJ collaborated with U.S. broker-dealer Jumpstart and custodian Prime Trust to grant Americans access to regulated tokenized securities

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Author: Lele Jima

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Author: Lele Jima