Categories: ICO

Public Firm Becomes First to Launch an ICO in Singapore

Click here to view original web page at

An e-commerce platform that recently launched a token sale aimed to raise $50 million has become Singapore's first public firm to hold an ICO.

Y Ventures Group, which went public on the Stock Exchange of Singapore last year, announced a plan for creating a blockchain-based e-commerce system in July and sent the sale of its AORA token live at the end of the same month.

According to the firm, the tokens do not represent ownership of equity in the firm and, as such, should not be regarded as securities – a move perhaps aimed to sidestep concerns from market regulators. Notably, the Monetary Authority of Singapore – the country's de facto central bank – halted one token sale in March as it deemed the tokens securities since, in that case, they did represent equity ownership.

Y Ventures may be the first, but it is not the only public firm in the city state looking to venture into the ICO space.

Public entertainment company Spackman also said in February that it aims to issue a cryptocurrency called K Coin in an effort to raise funds for its celebrity business. It has not yet made any announcement about a formal launch, however.

Aside from directly conducting token sales themselves, some public firms in Singapore are also acquiring or managing projects that deal with ICOs as another route into the cryptocurrency space.

In May, for example, real-estate developer Pacific Star Development signed an agreement with a startup called Crowdvilla in May to become its exclusive asset manager. Crowdvilla is now seeking to raise $18 million through an ICO to build a group of shared holiday homes.

Taking another route, MC Payment, a blockchain payments firm, acquired a lifestyle startup that raised $2.4 million through an ICO in 2017, and is now setting out to go public via the purchase of an already listed Singaporean firm called Artivision.

While Singapore currently has guidelines for ICOs, but no hard and fast rules, a spokesperson for the stock exchange said in a local news report on Friday that public companies must periodically report on their ICO status to ensure stock investors are properly informed.

Singapore image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Y Ventures Group, which went public […]


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

US Coinbase Expansion: Institutional investors are aggressive in bitcoin {BTC} investment

Source: Pexels Coinbase became the custodian of the industry’s largest cryptocurrency assets (equivalent to about $ 7 billion) through the… Read More

3 hours ago

Marc Faber on how to lose the least money over next 10 years

Marc Faber , Editor, Gloom, Boom & Doom Report on how to cope with the selloff 2019. Excerpts from an… Read More

3 hours ago

Blockchain: a friend to digital continuity and lightweight workflow tool

Blockchain, despite the natural hype cycle, has potential as a friend to digital continuity in the supply chain and as… Read More

3 hours ago

Palestinian Terrorist Group Uses Bitcoin To Raise Money

Hamas, the militant Palestinian group, has come up with a new way to raise funds for its terror campaigns: bitcoin.… Read More

3 hours ago

Bitcoin, Petro, Libra … Why Cryptocurrency Isn’t Really Currency

Virtual worth - La Nacion/DPA/ZUMA Cryptocurrencies are not so much money as flexible "assets" that may be used in payments,… Read More

3 hours ago

Bitcoin ‘Millionaire’ Backs New Cryptocurrency Platform—Despite It Crashing A Staggering 98%

Bitcoin has created a fair few millionaires since it exploded in value over the last few years , with some… Read More

3 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More