Broker-dealer IOI Capital and Markets (Ioicm) has secured Finra membership, paving the way for the launch of its blockchain-based securities issuance platform.
The membership allows Ioicm to be a placement agent for digital private securities issued on the blockchain-based platform - iownit.us - developed and operated by its parent company.
In development for two years, the platform is the brainchild of co-founders Rashad Kurbanov and Hamid Gayibov who want to bring blockchain technology to private securities markets.
Currently, they argue, the market lacks a modern technology infrastructure that can facilitate efficient allocation of capital, secure digital ownership records, asset lifecycle management, portfolio management and secondary trading.
The platform is built on a permissioned, private blockchain that leverages the immutable and secure elements of distributed ledger technology, while still offering security and privacy to issuers and investors.
Says Kurbanov: "Our platform has been built from the ground up over the past two years to completely digitize the securities issuance, asset lifecycle management and secondary trading processes to create a more efficient market.
"It is targeted for institutional and accredited investors only, providing tools to facilitate a seamless investment process, information sharing and ongoing portfolio management."