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Here's a quick roundup for all of you short-attention-span peeps 😉
1️⃣ There's a New Sheriff In Town: In shocking news, there's a new CEO taking over the helm at tZERO! His name is Alan Konevsky - read more to find out what he's all about!
2️⃣ A New ATS Has Entered The Building: As competition heats up, a new ATS has entered the competition. They are based out of New York and received FINRA approval to trade digital securities 👀
Without further ado, let's dive right in and…
Get liquid 💧
👮♂️There's a New Sheriff In Town
Just this past week, shockwaves were sent throughout the security token world, as the long-standing CEO of tZERO, Saum Noursalehi, officially resigned.
His resignation came just before arguably one of the biggest moments for security tokens, with the Exodus security token set to commence trading on their ATS September 14th.
For those of you who don't know, tZERO used to be a subsidiary of e-commerce furniture giant, Overstock.com - now owned by Pelion Venture Partners.
Saum has been involved in the organization in some capacity since 2005!
That's 16 years of dedication to an organization at the forefront of the future of the capital markets.
We wish him the best of his endeavors and hopefully this isn't the last we've seen of him.
Now that Saum has left, Alan Konevsky, Chief Legal Officer of tZERO, has been appointed interim CEO until they find a replacement.
Who is Alan though and who will be the replacement??
With many outstanding questions, I put my detective hat on and got to work…
After searching every corner of the web, I found vital information on Alan!
Education: MIT, UC Berkeley, Columbia College, and Harvard Law School
New York Super Lawyer: Only the top 5% of the lawyers in the New York metro area are chosen annually for this honor
Previous Employers: Held senior level roles at Mastercard, Goldman Sachs, and Sullivan & Cromwell LLP
With his level of expertise, the industry is in great hands!
I spoke with Alan and he had this to say regarding his transition to CEO and our collaborations:
“I am grateful to the board for the opportunity to help them steer tZERO during this transition as they look for a permanent Chief Executive Officer. As interim CEO, my key focus is to harvest our asset pipeline and onboard more digital securities and cryptocurrencies. Just yesterday, we announced the trading of the Exodus digital security will commence on the tZERO ATS on September 14, 2021, which is in line with this goal. I am also committed to our larger initiative of building a unified, UX-first platform to trade across a range of digital and conventional assets.
We applaud Security Token Market for its active role in industry education, including price transparency, and I look forward to discussing our progress and strategy with Security Token Market's Kyle Sonlin at tZERO's upcoming company update and Q&A session on Wednesday, September 1, 2021, at 4pm ET.
To learn more about Alan and to stay in the know about tZERO, tune into their upcoming company update Wednesday, September 1, 2021, at 4 pm ET!
🏪A New ATS Has Entered The Building
Everyone, please give a warm welcome to Prometheum's subsidiary, Prometheum Ember ATS (PEATS), as they just received FINRA approval to operate an ATS (ATS is a marketplace) for security tokens!
Of course, there is competition in this industry, but at the end of the day, it's a team effort to drive adoption and we welcome more companies to enter the space.
For those of you who are unfamiliar let's break down who Prometheum is:
Prometheum is an end-to-end security token solution based in New York City comprised of these business verticals:
Issuance: The ability to tokenize your assets using their proprietary blockchain protocol
Capital Raising: PEATS is a registered broker-dealer enabling capital raising
Trading: Due to their ATS receiving approval to operate an ATS for security tokens, they can list security tokens that are accessible to the public
Custody: They have partnered with the federally chartered bank and digital asset custodian, Anchorage Digital, for their security token custodian needs
Aaron Kaplan Founder and Co-CEO of Prometheum had this to say:
"Receiving FINRA approval for PEATS to be a member of FINRA to operate an ATS is a major milestone for Prometheum and supports our belief that the US Federal Securities Laws and FINRA requirements provide the best framework to regulate the trading of digital asset securities…”
Looking forward to Prometheum adding security tokens to their platform, so we can track them on our platform, stomarket.com!
What else is Drippin’💦
SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange: You must comply or you will suffer the consequences!
Black Manta Identifies Leading Players, while STM Highlights Tokenized Real Estate: Thanks to Josh Stoner of securities.io for citing our data!
Moore Global says tokenized real estate could reach $1.4 trillion in five years: Real estate is one of the most popular security token use-cases!
Connect with us ☎️
Thanks for tuning in! Keep an eye out each Monday for the next security token adventure 🧗♀️
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Everything in this report is for informational and entertainment purposes only. Nothing in this report should be taken as financial advice or as an inducement to purchase or sell any security. Nothing in this market report should be used as legal advice. Always do your own research before making any decisions regarding financial transactions of securities.