{"id":4053,"date":"2018-11-08T15:56:42","date_gmt":"2018-11-08T14:56:42","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4053"},"modified":"2018-12-12T17:05:40","modified_gmt":"2018-12-12T16:05:40","slug":"new-shoots-for-crypto-based-fundraising","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2018\/11\/08\/new-shoots-for-crypto-based-fundraising\/","title":{"rendered":"New shoots for crypto-based fundraising"},"content":{"rendered":"

In theory, decentralised ledgers could help revolutionise the global capital-raising process, disrupting the share and bond markets in the same way that bitcoin promises an alternative to central bank-issued money<\/a>.<\/p>\n

Blockchain technology provides a censorship-resistant, transparent record of ownership, allowing companies to democratise their fundraising campaigns and avoid the expensive, investment bank-dominated market for securities issuance.<\/p>\n

As well as recording ownership and transaction data, blockchains can support programmable \u2018smart contracts\u2019: in the context of share and bond markets, these contracts could include automated instructions for important post-trade processes such as dividend and interest payments or the movement of collateral.<\/p>\n

But initial excitement about the possibilities of blockchain-based fundraising has been tarnished by the fraud-ridden boom in initial coin offerings<\/a> (\u2018ICOs\u2019), a market which has now attracted heavy-handed intervention from securities regulators<\/a>.<\/p>\n

A third wave in the cryptocurrency boom<\/strong><\/p>\n

However, some blockchain optimists believe that a new wave of security token offerings (\u2018STOs\u2019) could help build on the promise of decentralised ledger technology while staying on the right side of regulators.<\/p>\n

\u201cBitcoin was the first wave of the cryptocurrency movement\u2014it\u2019s disruptive for gold and existing forms of money,\u201d said Daniel Masters, chairman of CoinShares, speaking at a breakfast briefing organised by Financial News in London on November 8.<\/p>\n

\u201cThe launch of ethereum in 2015 allowed blockchains to be used to form capital. This ushered in the second, ICO wave of the cryptocurrency boom,\u201d said Masters.<\/p>\n

However, said Masters, this leg of the boom ran into trouble.<\/p>\n

\u201cMany ICOs were able to raise large amounts of money in very short space of time using this novel fundraising mechanism. But the model was soon abused and, understandably, the SEC and other regulators have since come down hard on ICOs.\u201d<\/p>\n

\u201cNow we are seeing the emergence of a third wave\u2014the security token movement,\u201d said Masters.<\/p>\n

\u201cThis allows us to take the existing regulatory framework for securities issuance\u2014for example Reg D<\/a>, Reg S<\/a>, Reg A<\/a>, Reg A plus<\/a> or Reg CF<\/a> in the US\u2014and use those regulatory safe harbours, which usually involve some kind of prospectus and an exemption from the 1934 Securities Exchange Act<\/a>, to issue blockchain-based smart securities.\u201d<\/p>\n

Bridging the gap between public and private share markets<\/strong><\/p>\n

But why should security tokens take off and what are they likely to achieve? They can help bridge a large gap between the valuation of publicly listed and private company shares, according to CoinShares.<\/p>\n

\u201cSecurity tokens will make shares in private companies liquid, transferable and transparent,\u201d said Masters.<\/p>\n

\u201cOnce you have added these three features to private company shares, they effectively resemble public securities,\u201d he added.<\/p>\n

\u201cBut public securities trade at a much higher valuation than private securities. A dollar of EBITDA in the private share market may be worth $5-10 of share price. But in the public markets the same dollar of earnings may be worth $20-25 in share price terms. That\u2019s an arbitrageable window between the two markets\u2014public and private.\u201d<\/p>\n

According to Masters, the third leg of the cryptocurrency boom will involve the securitisation of a broad range of assets, forcing traditional financial institutions, many of whom have so far remained sceptical about this new technology, into the fray.<\/p>\n

\u201cIf wave three involves the widespread tokenisation of hard assets, real estate and private shares, then legacy financial institutions\u2014investment banks and insurance companies\u2014will not be able to avoid it,\u201d said Masters.<\/p>\n

\u201cThis is going to be the next powerful movement in the crypto space.\u201d<\/p><\/blockquote>\n

And, says the CoinShares chairman, the emerging security token market will prove a friendlier place for regulators to operate.<\/p>\n

\u201cBitcoin and ethereum have been a nightmare for regulators to cope with,\u201d said Masters.<\/p>\n

\u201cBut a security token framework is a win for them. I believe this is going to be the next powerful movement in the crypto space.\u201d<\/p>\n

A blockchain-based equity fundraising<\/strong><\/p>\n

Speaking at the same event, Myles Milston, founder and chief executive of Globacap, a digital platform that aims to tokenise illiquid assets, such as private equity, property and loans, recounted his own company\u2019s experience in raising equity capital using a blockchain.<\/p>\n

\u201cWe created our own capital structure on a blockchain using the Financial Conduct Authority\u2019s sandbox<\/a>,\u201d said Milston.<\/p>\n

\u201cWe took investments from a number of jurisdictions, created our equity shareholder register in blockchain form, and issued securities on the blockchain,\u201d he said. \u201cWe then tested share transactions between buyers and sellers and documented the efficiency gains we made as a result.\u201d<\/p>\n

According to Milston, there\u2019s rapidly increasing interest in applying blockchain to securities issuance, clearing and settlement.<\/p>\n

\u201cThe FCA\u2019s sandbox applications are a very good indication of where things are heading in the crypto space,\u201d said Milston,<\/p>\n

\u201cThe participants in the first three FCA sandbox Cohorts were largely focused on the uses of blockchain in payments remittance. But in Cohort 4, there are three firms, including ourselves, focusing on securities-related blockchain tests. Over the next eighteen months we expect to see real propagation of these ideas.\u201d<\/p>\n

Three steps to launching a security token<\/strong><\/p>\n

Some nifty footwork is needed to comply with the existing regulatory framework while issuing shares on a blockchain, says CoinShares\u2019 chairman. The Holy Grail is to end up with a token that can be traded globally.<\/p>\n

\u201cIn the US, there are three steps to launching a security token,\u201d said Daniel Masters.<\/p>\n

\u201cThe first is to carve out the regulatory safe harbour in which you can issue the token. Phase two is to make the tokens operable. This means addressing questions like identity, verification and the audit trail. The third step is how to make the tokens interoperable\u2014how to meet the regulatory requirements in country A, country B and so on.\u201d<\/p>\n

A company named Securitize<\/a> says it has managed to find regulatory safe harbour, issue a token and deploy it for trading on a decentralised exchange, said Masters, although he hasn\u2019t verified these claims.<\/p>\n

\u201cOver the last six months the first step\u2014achieving regulatory safe harbour\u2014has been addressed in certain subsets and areas,\u201d said Masters. \u201cThere\u2019s a lot of work going on regarding the second step. Not so much has yet been done on interoperability.\u201d<\/p>\n

Which settlement currency for STOs?<\/strong><\/p>\n

According to CoinShares\u2019 chairman, the expanding market for security tokens will also provide a boost for the most widely traded cryptocurrency, bitcoin. Bitcoins have a collective market value<\/a> in excess of $110bn.<\/p>\n

\u201cBitcoin becomes both the native settlement currency and the backbone of the settlement system\u201d<\/p><\/blockquote>\n

\u201cAs we move towards the greater interoperability of the global exchanges on which security tokens are traded, bitcoin is almost certainly going to be the settlement currency in which token purchases and sales are recorded,\u201d said Masters.<\/p>\n

\u201cThe bitcoin network itself forms the basis of the IT security for the settlement system as well. If you\u2019re running databases off to the side, perhaps containing details of your company\u2019s transactions, customers and constitutional documents, at some point you will want to attest the state of your database in a non-revealing way, so as not to breach regulations like Europe\u2019s GPDR.\u201d<\/p>\n

This can be done by hashing such records<\/a> and entering the cryptographic link into bitcoin\u2019s transaction history, says Masters.<\/p>\n

\u201cYou can embed the information in bitcoin\u2019s blockchain. Bitcoin then becomes both the native settlement currency and the backbone of the settlement system,\u201d said Masters.<\/p>\n

However, Globacap\u2019s CEO points to digital representations of national currencies as a more likely unit of account for security tokens.<\/p>\n

\u201cI do believe that a crypto-based mechanism will become the universally accepted settlement currency,\u201d said Milston.<\/p>\n

\u201cBut I\u2019m not sure it will be bitcoin,\u201d he added. \u201cThere are entities working on a crypto-pound, crypto-dollar and crypto-euro. When we see those, we\u2019ll see immediate uptake from institutions.\u201d<\/p>\n

A lower hype cycle<\/strong><\/p>\n

Perhaps inevitably after the 2017 hype surrounding ICOs, proponents of security tokens are more modest in their predictions regarding the uptake of these new instruments.<\/p>\n

\u201cIn 2019 I expect to see up to $2 to $3 billion of securities in various forms that tokenise quickly or promise to do so when operability standards arrive,\u201d said CoinShares\u2019 Daniel Masters.<\/p>\n

\u201cCapital-raising in the form of security tokens is already happening,\u201d said Globacap\u2019s Myles Milston.<\/p>\n

\u201cBut when will the secondary market arrive? In the next 6-12 months I think we\u2019ll start to see it take off.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

In theory, decentralised ledgers could help revolutionise the global capital-raising process, disrupting the share and bond markets in the same way that bitcoin promises an alternative to central bank-issued money. 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