As of April 9th 2019, Timeless Luxury Group has selected Globex’s suite of blockchain solutions to fuel its Digital Securities Offering (DSO). One solution features an industry first smartphone application to conduct investor verification, onboarding, and whitelisting.
Timeless Luxury Group to Launch First-Ever DSO with SEC-Registered Transfer Agent
Globex is an SaaS enterprise focused on the life-cycle compliance of a Digital Securities Offering (DSO).
Now, Timeless Luxury Group— a Switzerland-based luxury rental and lifestyle company— is licensing the software stack offered by Globex to power its own DSO.
The DSO will leverage the Globex stack to raise funds pursuant to Reg D 506(c) and Reg S exemptions.
According to the release, this DSO is the first-ever in the United States to utilize an SEC-registered transfer agent for both the issuance and custody of its digital securities.
Despite much debate over the precise terminology, the term ‘digital security’ is synonymous to ‘security token’. As a compliant alternative to the Initial Coin Offering (ICO), the Security Token Offering (STO)— or DSO— has seen a significant increase in 2019.
Timeless Luxury Group is now using Globex to break into the emerging market.
Globex’s Blockchain Software Solutions for DSOs Explained
Timeless Luxury Group will utilize the Globex stack for several services.
To provide a custody solution for the ERC-20 security tokens and to simultaneously maintain compliant ownership records, Custodyware will be leveraged.
Investor verification, onboarding, and whitelisting will be performed through a smartphone app via KYCware and AMLcop. The company says such a process is an industry first, where an investor onboarding app is integrated with a U.S. broker-dealer subscription booklet and SEC investor accreditation process.
According to Timeless Luxury Group CEO Michael Gössl,
“Compliance and security are of upmost importance for our digital securities offering. Licensing Globex’s software solutions enables us to compliantly expand our offering to US investors while delivering a secure, seamless, and on-brand investment experience for all our investors.”
Lastly, Tokenetics will be used for the initial issuance of TMLS tokens, which will feature round discounts and a dividend tied to future profits.
What do you think of the software solutions offered by Globex? Will Timeless Luxury Group see a successful DSO? We’d like to know what you think in the comments section below.
Image courtesy of Globex.