|Thailand’s National Stock Exchange Launches Blockchain Crowdfunding Platform|
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Thailand’s National Stock Exchange Launches Blockchain Crowdfunding Platform
The Stock Exchange of Thailand (SET) has officially launched a blockchain-powered crowdfunding platform for startups in the country.
Dubbed LiVE, the new crowdfunding marketplace from the SET is built on a blockchain that enables startups and small enterprises to access funding from venture capital funds and institutional investors directly via peer-to-peer trading.
According to an announcement by the SET, eight companies from both public and private sectors have joined the platform at launch with a further 50 companies set to join the blockchain-powered funding platform.
The launch sees the culmination of a plan that began in March 2017 when the SET unveiled its intention to operate a marketplace over a blockchain that will have no restrictions on trading units. The current apparatus for small companies and startups restricts trading in board lots, or units of 100. At the time, an SET official said over 600 companies had registered with the stock exchange operator, expressing an interest to invest in startups through blockchain technology.
As CCN reported at the time, the marked pivot to adopt a blockchain marketplace follows a mandate by Thailand’s deputy minister Somkid Jatusripitak urging the SET to create a new bourse for domestic startups to access financing. SET requirements do not allow startups to list on the national stock exchange since they are new businesses.
“LiVE” platform has been developed with the use of blockchain technology as an infrastructure for participating businesses to expand and get connected with future alliances,” an excerpt from the announcement read.
To join the blockchain platform, companies will need to be registered in Thailand and can qualify as an institutional investor, a venture capital investor, a corporate venture capital investor, or a specific investor with an annual income of over THB 4 million ($125,000), or combined assets worth over THB 50 million ($1.5 million).
SET President Kesara Manchusree added:
Featured image from Shutterstock.
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