- The 2019 Digital Assets New Opportunity Summit recently held in Singapore zoomed in on three key developments in the crypto space – Security Token Offerings (STOs), token bonds and the impact of secondary market participants on the industry.
Bibox, world leading AI-enhanced digital asset exchange, hosted the Bibox Summit Singapore: 2019 New Opportunities for Digital Assets in Singapore.
Attendees included Liu Guojie, Bibox Southeast Asia Regional Manager, Du Jun, Founder of Node Capital, Wang Feng, Founder of Mars Finance, Jerry Zhong, Founder of Vocean and 50 more industry leaders and global top-notch investment institutions from more than 10 countries.
The summit focused on three central topics: STOs, token bonds and the impact of secondary market participants on the crypto world.
Liu Guojie kicked off the conference with a remarkable address. He talked about the massive changes in scale and user base that he’s witnessed in the digital assets market.
The number of users in this industry has increased up to dozens of millions compared to that of the last bear market. The scale of the crypto market has reached a trillion dollars. Liu Guojie indicated that it would not be hard to find new opportunities given the innovative and constantly developing nature of this industry. Bibox takes the lead in trial and exploration.
Bibox will launch perpetual contracts and fully utilize its technological prowess to cope with unhealthily high frequency of trading under extreme market conditions. According to Liu Guojie, Bibox will keep its trading latency at the minimum level and strive to offer the smoothest trading experience to all users.
At the end of this year, Bibox will launch its Fiat Exchange in Seoul and plans to establish a similar exchange in Europe early next year, which supports fiat-to-cryptocurrency trading pairs (Swiss franc, British pound, euro and more). In addition, Bibox Limited has launched the world first token bond—the Bibox Bond, which was sold out within only 12 hours.
Jerry, the Founder of Vocean, the platform that launched Bibox Bond, deems cryptocurrency as the next holy grail in the traditional bond market that is considered as a near-one-hundred-trillion-dollar market.
Vocean, through building a complete cryptocurrency financial contract infrastructure, allows users to issue all types of financial contracts including bonds, options, swaps and other financial products and derivatives with ease and at a low cost. Any project can issue its bonds through the Vocean platform utilizing its strict review process and risk-control system to guarantee the authenticity and reliability of the information disclosure of projects.
Jerry gave a brief introduction to the Vocean risk control system. First, Vocean understands the importance of doing due diligence on the project side. Secondly, in the process of bond design and issuance, protective clauses are designed for each bond issued, and each issuer is required to provide over-collateralization and maintain the stability of collateral market value through dynamic collateral management technology.
Finally, Vocean also offers bond insurance products that minimize investor losses in extreme cases where collateral loses its value. “All investors can subscribe to bonds after going through the KYC and AML process.”
Kenneth Oh, the Senior Partner of Dentons Rodyk, Nizam Ismail, the Partner of RHTlaw Taylor Wessing, Eddie, the Vice President of Singapore Fintech Association and the Founding Partner of Primitive Ventures – Dovey Wan discussed legitimacy issues of STOs that all investors and people involved in this industry are concerned about.
Kenneth Oh expresses that the STO laws and regulations set by the Singapore authority are still intended for protecting retail investors.
“America and Singapore have a lot in common when it comes to regulating security token offerings. And it is the economic environment instead of the relevant laws and regulations that contribute to the fact that the American blockchain industry has produced a good number of leading projects like Chia Network and tZero. In America, however, the cost of staying out of law is immense,” Kenneth Oh said.
Dovey says according to her many years’ experiences in this industry and collaboration with many projects, whether they comply with current laws and regulations is solely at the discretion of the project teams. They often evaluate the pros and cons between these two options. However, they all agree that going legitimate is only a matter of time. It is fair to say legitimacy is the next industry trend.
Vocean Founder Jerry, Chief Development Officer John Fiorelli from Kenetic Capital, Head of APAC Trading Delroy Gong from FBG, QCP business partner Darius Sit and Tilde’s Head of Partnership Jonathan Heng got into a discussion about spot markets and crypto financial instrument markets.
They agreed that apart from spot markets, some Singapore option exchanges provide the market with more products, and the market does need more tradable tokenized financial derivatives. What’s more, the size of tokenized financial derivatives market will grow bigger as traditional financial institutions enter the crypto world.
Sora Ventures’ Managing Partner Jason Fang, AmberAI’s Co-Founder TianTian Kullander, Altonomy’s Founder and CEO Dong Bo and SMU Professor Zhang Wei joined the summit’s final panel. They gave valuable opinions on crypto bond and market perspectives. They think that token bonds provide investors with a new type of tradable market. Token bonds offer a new risk-hedging instrument.
Due to the lack of fixed income products, the digital assets market doesn’t have a reference interest rate. Token bonds will provide investors with overnight interest rates, monthly interest rates and annual interest rates, thus forming an entire yield curve. The investors could then manage their interest rate risks.
As for the growing and maturing of the fixed income market, more derivatives would be launched for investors to trade as well as to hedge. For example, CDS products may be introduced to help manage counter-party risks.
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