The ICO boom in 2017 declined sharply due to many fraudulent incidents and the saturation of public blockchains. The silver lining here that its decline has paved a path to a new type of token offering called a Security Token Offering (STO).
Chintai, the well-known resource exchange, has developed an STO platform called My Native Token (Mynt), which will be a part of the Chintai 2.0 rollout. The team behind Chintai developed the Mynt platform as a part of their native token (CHEX) distribution that was successfully completed.
Mynt is an all-inclusive service for issuing custom tokens on EOSIO networks. It is a custom front end portal for all distribution types, including auctions, STOs, or any other form. Mynt is crucial with regards to partnerships coming to Worbli. A large number of utility and STO projects are lined up to deploy, which include a portfolio management company, an exchange and tokenized real estate. The clients are as diverse as the entire industry.
Having built a portal, secure smart contracts, finding KYC/AML providers, and solved legal, they’ve created a turnkey service for projects to securely carry out their own customized, compliant token distribution events. Chintai is regulated by the MAS (monetary authority of Singapore). At present, the Mynt platform is custodial (but fully on-chain) except for NFT’s. Depending on regulator preference or requirements, it can be custodial or P2P.
The nature of STOs makes it paramount to be fully compliant. Worbli’s base layer Compliance as a Service (CAAS) and it’s Registry Framework enables STOs to be fully compliant with local regulators in any region. Worbli’s Registry Framework enables building custom token contracts that implement complex rules for token transferability, including the country of citizenship of the sending or/and receiving accounts.
FinCEN and FATF’s new regulations have made it costly for DeFi applications to build, and scaling a compliance team isn’t a feasible decision. Agenix, Worbli’s partner have formed CAAS. Their tools and automation help applications run friction-free from regulatory scrutiny.
This allows projects to truly focus on what they love doing i.e providing innovative products and services that at an economical price compared to existing frameworks. Businesses as a result of this can build faster and more secure applications, automate intricate processes and create a convenient path for developers to handle regulatory hurdles.
Projects can be carefree with regard to traction. As a matter of fact, Chintai since its inception has had a great track record by overseeing volumes of about $250 million and has serviced more than 33,000 users. This along with Worbli’s compliance features makes it ideal for a project to operate hassle-free in its initial years.
If you’re a developer or founder who is keen to launch a product, you can reach out on the social handles below.
Chintai — Lease Everything
Mynt services are Subject to Terms & Conditions
WORBLI – Enterprise Financial Grade Infrastructure
If you’d like to know more about Agenix’s compliance as a service (CAAS), and how it can help you, reach out to email@example.com
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