Bitfinex owner invests more than $1 million in upcoming security token exchange Dusk Network
September 1, 2020, 6:05AM EDT
1 min read
iFinex, the owner of crypto exchange Bitfinex, has invested more than $1 million in upcoming security token exchange Dusk Network.
Dusk Network is an Amsterdam-based fintech startup and is creating a "regulated" security token exchange to tokenize assets such as shares, bonds and commodities. The exchange is expected to launch in Q1 2021, The Block has learned.
Jelle Pol, business lead at Dusk Network, told The Block that the exchange would operate under EU framework MiFID II (Markets in Financial Instruments Directive). Under this framework, the exchange could then either opt for a multilateral trading facility (MTF) license or the regulated market (RM) permit, said Pol.
Dusk Network's funding comes in addition to 7.4 million euros (~$8.85 million) it raised during a private sale in 2018, Pol told The Block, noting that the upcoming security token exchange is a separate entity.
The tokenization space appears to be gaining momentum. Last month, the U.K.'s Financial Conduct Authority approved the country's first digital securities trading and custody platform, Archax, which is set to launch its platform later this year.
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