According to the Nikkei Asian Review, Thai crypto exchange company Satang Corp is looking to raise approximately $10 million through a security token offering. This is coming in the wake of crashing crypto prices, market turbulence and considerable market volatility.
Per sources close to the matter, Satang Corp., a leading cryptocurrency exchange and trading venue, will be organizing an STO for the first quarter of 2019 to raise $9.9 million to fuel its growth plans.
The company aims to utilize all raised funds for the purpose of building its own ewallet app called the Satang app and establish experience centers in highly traffic areas for tourists who visit the country.
With this app, users would be able to directly purchase their choice crypto tokens using fiat currencies. Their presence at these experience centers is meant to help encourage tourists who want to exchange cryptos or buy them, do so seamlessly and smoothly. The company hopes to launch their STO, early 2019.
Interestingly, Satang’s STO ambition is reportedly supported by the Thai government, an indication that the authorities have grand plans to make the region a hotbed for all things distributed ledger technology (DLT) and cryptos.
STOs are an improved and more mature form of initial coin offerings and will most likely be the way forward in the crypto sector. The company has been given the go ahead from the Thai government, which has made efforts to create an enabling environment for blockchain based companies to thrive.
Thailand government also intends to use blockchain technology to power its upcoming national digital ID platform, thus providing Thailand citizens and residents with a nationally accepted means of identification.