Former FTX Europe chief targets U.S. tokenized stock trading with new SEC exemption
In this news:
Key takeaways
- Former FTX Europe chief Patrick Gruhn is targeting U.S. tokenized stock trading.
- The initiative follows previous tokenization work with Digital Assets AG and FTX Group.
- The firm also announced infrastructure support for planned tokenized commodity offerings.
Gruhn co-founded Digital Assets AG, a Swiss-based tokenization company that worked with German investment firm CM-Equity to bring digital tokens linked to stocks such as Tesla and Coinbase to crypto traders. Digital Assets AG was later acquired by FTX Group, becoming part of FTX Europe, which Gruhn led before the crypto exchange group's collapse in November 2022.
Regulatory context and past offerings
Those early products differed from the securities envisioned under the SEC's new framework. While they offered price exposure to underlying shares, Binance's stock tokens did not provide voting rights. Binance discontinued the offering in July 2021 amid regulatory scrutiny, including concerns raised by German regulator BaFin over the lack of a published securities prospectus.
“The Perpetuals team has long been trailblazers in tokenization, and this expansion into the U.S. allows us to further utilize our platform and deep expertise,” Gruhn said in a statement.
European operations and financial status
The company already provides trading technology for Perpetual Markets MTF, a Cyprus-based marketplace licensed under Europe's MiFID II framework that also received authorization under the EU's Markets in Crypto-Assets regulation in August.
The firm reported $65.2 million in total assets at the end of April, while posting a $17.6 million net loss during its fiscal year.
Expansion into tokenized commodities
It also announced an agreement with Datavault AI earlier this year to support trading infrastructure for planned tokenized commodity offerings involving copper, gold and other physical assets, with more than $300 million in targeted issuance.
Share the article:
.png)
Latest Crypto News
Top Trending Cryptocurrencies on The Market
Current Price
$117.29
Market Cap
$2.5B 1.68%
24h Volume
$22.0M
Supplies
21.0M / 21.0M
Current Price
$158.93
Market Cap
$2.5B 4.18%
24h Volume
$247.4M
Supplies
16.0M / 16.0M
Current Price
$1.141
Market Cap
$2.4B 0.01%
24h Volume
-
Supplies
2.1B / ∞
Current Price
$1.000
Market Cap
$2.4B 0.00%
24h Volume
$131.2M
Supplies
2.4B / ∞
Current Price
$1.150
Market Cap
$2.4B 0.18%
24h Volume
$4.8M
Supplies
2.0B / ∞
Current Price
$0.004959
Market Cap
$2.3B 10.43%
24h Volume
$106.9M
Supplies
827.7B / 1.0T
Current Price
$0.4681
Market Cap
$2.3B 5.87%
24h Volume
$137.5M
Supplies
10.0B / 10.0B
Current Price
$1.511
Market Cap
$2.3B -16.39%
24h Volume
$46.5M
Supplies
10.0B / 10.0B
Current Price
$0.5739
Market Cap
$2.2B 1.48%
24h Volume
$321.1M
Supplies
10.0B / 10.0B
Current Price
$1.000
Market Cap
$2.2B 0.00%
24h Volume
-
Supplies
2.2B / ∞
Current Price
$1.180
Market Cap
$2.0B 2.40%
24h Volume
$215.1M
Supplies
1.7B / 2.1B
Current Price
$0.000004693
Market Cap
$2.0B 4.64%
24h Volume
$182.6M
Supplies
420.7T / 420.7T