iComply ICO Signs First Licensing Deal for Real Estate ICOs
Canadian entrepreneur secures license to access ICO securities compliance platform
Vancouver, B.C. – iComply ICO (iComply Investor Services Inc.) a regulatory technology platform that automates the legal procedures for initial coin offerings (ICOs) is today announcing the signing of its first licensing deal with Canadian real estate developer, Francis Penner.
Recently, Penner was behind a multi-building redevelopment in Winnipeg’s Exchange District, now home to the $95M Canadian Innovation Center built by Red River College.
“I believe that this platform promises to release a synergy between real estate development and a new financial vehicle. I plan to use this new financial instrument to expand my real estate initiatives.” Said Penner.
“We are developing the world’s first automated compliance platform for regulated securities, by focusing on the Canadian and U.S. markets first, we will have the highest standards of underwriting, investor protection, and ‘prefacto’ compliance in the world. ” Said Matthew Unger, CEO of iComply ICO.
The iComply ICO team foresees much bigger opportunities to use ICOs for established companies, rather than just startups. Infrastructure projects and even governments will be able to raise money using encrypted digital share certificates on the iComply ICO platform.
New and existing ICOs are invited to apply for the platform’s public beta.
Investors have become increasingly interested in ICOs largely because of the liquidity of cryptocurrencies, which can be converted immediately into Bitcoin, Ether or government issued currencies using online services such as Coinsbank or Coinbase.
ICOs are outpacing traditional venture capital investments. According to a report by Goldman Sachs Global Investment Research, by June of 2017 ICO funding exceeded $550 million surpassing angel and seed VC funding.
This momentum came to a halt this July when the SEC ruled that initial coin offerings may be classified as securities and therefore subject to federal securities laws including investor disclosures, audited financial statements, and registration requirements. Where requirements are unmet, those taking part these transactions may be liable for violations of securities law.
Last week, Jamie Dimon, the CEO of JP Morgan Chase told attendees of the bank’s investors conference that, “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”
“In a sense, Jamie Dimon is right – many ICOs being issued today are fraudulent. What JP Morgan isn’t considering is that the ICO is an emerging financial instrument, not just a currency or asset class. What is wrong with ICOs today has nothing to do with Bitcoin or blockchain technology, it is that no mechanism for underwriting, due diligence and investor protection have existed – until now.” Added Unger.
“This project is another step in the further democratization from wall street to main street, and has the potential of matching capital to ideas in a extremely efficient manner that is both legal and compliance oriented. There is is a need for this because whenever you have profit potential and opportunities you also have potential for misconduct.” Said William Schumacher, a retired Citigroup executive.
Unger and his team foresee the platform being utilized by investors, existing ICOs, startups, and existing companies to raise capital with the support and due diligence of auditing, accounting, and legal firms.
About iComply ICO
iComply ICO (iComply Investor Services Inc.) is a regulatory technology (regtech) platform that automates compliance procedures for initial coin offerings (ICOs), enabling them to be securely utilized as efficient financial instruments. iComply ICO streamlines legal and accounting processes providing automated checks and balances throughout the issuance, purchase and resale of encrypted digital share certificates. Investors, accountants, lawyers, regulators, ICO issuers and marketing firms all benefit from an ecosystem that supports trust, democratization, decentralization and integrity. Learn more: iComplyICO.com
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