MERJ, a stock exchange in Seychelles, announced the world’s first listing of a tokenized security on a fully compliant and regulated national stock exchange. MERJ Lists World’s First Tokenized Security.
The listing is followed by a sale of 16% of the tokenized shares in a public offering later this year. The exchange is also is in discussion with several companies planning to list their tokenized shares on its exchange.
The listing puts tokenized securities under the umbrella of a globally compliant and regulated stock exchange.
The CEO of MERJ, Edmond Tuohy, said:
“MERJ has fully leveraged its end-to-end ecosystem to deliver the world’s first publicly listed securities token. We are combining the best of the old world and the new to provide a key piece of missing infrastructure for the growth of digital assets.”
MERJ implements the Ethereum blockchain to record share register ownership. The exchange has chosen Ethereum because it is the best protocol supported for these purposes at this stage.
On the listing page of MERJ, the tokenized security takes the “MERJ-S” ticker symbol and is currently trading at $2.42, with a specified market cap of $21,015,781.
MERJ also aims to cut investor and issuer expenses through the use of blockchain technology to optimize a number of procedures for securities markets.
The exchange said:
“The technology creates an access point to the capital markets, which is particularly suited to the ‘mobile first’ ecosystems in many emerging markets.”
The regulated infrastructure of MERJ combines exchange, clearing house and central depository of securities.
MERJ listings constitute more than one-fifth of the Republic of Seychelles ‘ domestic GDP, the main metric in assessing a market economy’s development.
Since 2013, the exchange has worked to create a strong basis for global issuers and investors and now covers listings from across North America, Europe, Asia, Australia, and Africa.
CEO Tuohy said:
“Whether they’re issuing tokenized or traditional shares, companies are not going to want to go to a jurisdiction that doesn’t meet high international standards because it will attract greater scrutiny from global regulators…….We’ve spent three years working with our regulators to build a robust and compliant framework for issuers wanting to leverage the benefits of distributed ledger technology within a publicly listed environment.”