Thailand-based cryptocurrency exchange Satang Corp. has plans for a $9.9 million security token offering in early 2019, according to a report from the Nikkei Asian Review. The report notes that the country’s government has expressed support for the company’s plans, as officials continue to pursue blockchain adoption.
"We are aiming for the first quarter of 2019 to do the security token offering,” Satang CEO Poramin Insom suggested. The company’s strategy for using the proceeds of its STO will reportedly focus on app development and the launch of new shops:
Satang intends to use the proceeds of the security token offering to develop Satang App, an e-wallet that allows consumers to make payments. It also plans to set up Satang Shops at tourist hot spots like Phuket and Pattaya.
The Thai government’s support for the project’s fundraising plans is just the latest sign of its growing commitment to making Thailand a leader for blockchain technology. The country gave legal status to seven digital currencies earlier this year and has announced plans to use blockchain technology to identify and track tax evasion and manage a new national digital identification platform.
The country’s interest in blockchain technology led it to become the first nation in the world to use the tech in an election. Satang’s CEO had a role to play in that endeavor as well:
Satang CEO Poramin was behind another blockchain milestone in the country earlier this month. He applied the technology for the first time in the world in an election -- Thailand's Democrat Party used it to conduct a primary election to select a leader.
The nationwide electronic voting process involving 120,000 voters took nine days instead of the originally planned five due to a technical glitch, but it successfully avoided classic errors such as multiple counts of a single vote and result manipulation.