Soma Finance, a platform being developed by the decentralised finance (DeFi) ecosystem MANTRA (OM) and Tritaurian Capital, is getting ready to issue the SOMA token, which will be the first legally issued and compliantly structured digital security available to retail investors in the U.S. and around the world. This will be the first retail-compliant digital security in the cryptocurrency ecosystem.
With built-in know-your-client (KYC) and anti-money laundering (AML) checks, SOMA.finance aims to be the first hybrid decentralised marketplace in the world for digital assets, compliant digital securities, and non-fungible tokens (NFTs), enabling the trading of all types of digital assets, including digital securities.
Through SOMA.finance’s SOMAstarter launch pad, the SOMA token issue will be the first regulation crowdfunding (Reg CF) issuance.
“We have been quietly but diligently working to develop the necessary technology to launch a revolutionary decentralised marketplace for digital assets, compliant digital securities, and NFTs while liaising with regulators to provide a highly regulated decentralised financial platform,” said William B. Heyn, co-founder and co-CEO of SOMA.finance and CEO of Tritaurian Capital. The SOMA Token will fulfil the promise and potential of DeFi and blockchain with its initial issue as a Reg CF on the SOMA.finance platform.
As the regulatory environment surrounding cryptocurrencies in the U.S. takes shape, financing, which has been under development for two years, is being implemented gradually. Users that joined the platform’s queue are currently being onboarded. The platform will start the SOMA token sale after the onboarding procedure is finished.
After the SOMAstarter launch pad’s token sale is finished, SOMA.finance will launch its decentralised exchange (DEX), SOMAswap, and other products including SOMAearn, a compliance staking and yield product.
The SOMA token will reflect a financial stake in SOMA at the corporate level, which will provide token holders access to a number of advantages, including the right to a dividend of up to 10% of SOMA’s revenues. This is a first for the cryptocurrency world.
The platform plans to offer up to $5 million in tokens, in one or more tranches, with the initial tranche being priced at $2.50 per token. The token will be a non-cumulative, participatory preferred stock of SOMA.finance.
“The SOMA.finance platform is coming to fruition, after many months of development and cooperation with partners who share our vision for a financial ecosystem supported by a legal and regulated framework,” declared John Patrick Mullin, co-founder and co-CEO of SOMA.finance and CEO of MANTRA. It wasn’t easy to provide a compliant link between DeFi and conventional financial (TradFi) systems, but we are certain that we have combined the best aspects of both for an outstanding user experience and product offering.
Having received approval to list Regulation CF, Regulation D, Regulation S, and Regulation A products, SOMA.finance is the first worldwide, multi-asset, decentralised exchange platform (DEX) that complies with U.S. law. The platform will also provide a mechanism to issue and trade tokenized securities, digital assets, security token offerings (STOs), and NFTs that complies with regulatory requirements.
Tritaurian Capital will use the SOMA.finance technology platform to compliantly offer all products and regulated activity on the platform.