Global investment platform TokenMarket announced last week that it aims to raise $350 million (Dh1.2 billion) in funding for regional tech start-ups and small to medium enterprises out of its Dubai office by 2021, according to the company’s chief executive. TokenMarket, a token sale and Blockchain crowdfunding platform, opened its local office at DIFC in August after it received a testing license.
Chief Executive Officer, Ransu Salovaara stated to media, ” “We will help local start-ups and growth-stage companies to raise money by issuing security tokens.” He adds, ” TokenMarket has a network of more than 170,000 investors in over 150 countries and we have raised close to $350m for over 30 companies since last year and our aim is to raise the same amount in the Mena [region] in the next couple of years.”
There are clear benefits to tokenising bonds,” said Mr Salovaara. “We can register lots of data on the blockchain and borrowers can demonstrate a transparent history making future debt raising easier and cheaper.”
TokenMarket plans to open offices in Saudi Arabia, Bahrain, Egypt and Morocco in the coming months, where it sees a huge capital gap in the region. The CEO adds, “Even Chinese investors and companies are preferring Dubai over Hong Kong at this point of time. Currently, all dynamics are favouring Dubai because presence of native investors, global banks, world-class infrastructure and strong regulations.”