Adtech firm tribeOS launched shares in its company as tokenized securities via GSX Group’s GRID platform.
According to an announcement shared with Cointelegraph on May 27, the shares were already created using GSX Group’s STACS proprietary blockchain network. Per the announcement, STACS is designed to bring more efficiency to the legacy capital markets.
GSX Group’s CEO, Nick Cowan, highlighted that tribeOS is the first company to utilize the firm’s GRID security tokenization platform and welcomed other companies that wish to “accelerate the adoption of blockchain within the capital markets.” He also explained what the firm is trying to achieve:
“Our ambition is to deliver dynamic cost-saving solutions, broaden the accessibility of capital, and help issuers in terms of speed-to-market. We are working with other companies who intend to use the GRID to enter into the fast-developing world of digital securities. I’d like to thank tribeOS for putting their trust in us and the GRID. This is just the first step on the road to mainstream adoption.”
As Cointelegraph reported earlier this month, GSX just recently launched its security tokenization platform which aims to facilitate the digitization of both new and existing debt securities and funds.
Blockchain shares of a blockchain firm
TribeOS is a digital advertising platform that uses blockchain technology to record transactions to ensure transparency and fully automate the interactions. The platform provides advertisers and publishers with content monetization services, advertising tools with fraud protection, contextually relevant advertising placements, campaign management and optimization.
According to a March 2019 announcement, tribeOS was the first digital security which was approved by Bermuda's digital asset laws. According to the announcement, investors in the offering included leading Bitcoin (BTC) mining hardware producer Bitmain Technologies, while the project’s initial source of funding came from venture capital firm Exponential Ventures. TribeOS CEO, Matt Gallant, praised the advantages of share tokenization:
“Using the GRID to create and deploy our shares in digital form allows for a quick and cost-effective route into the digital space.”