According to CoinDesk, SOMA Finance, a joint venture between MANTRA and Tritaurian Capital, plans to offer the first legally issued and compliantly structured digital security to global and U.S. retail investors later this month. The company aims to sell up to $5 million in tokens, in one or more tranches, with the first tranche being priced at $2.50 per token. Token holders will also receive benefits, including the right to a dividend of up to 10% of SOMAâs profits. The SOMA token is expected to be issued by the end of this month or early October.
The SOMA token is the first regulation crowdfunding (Reg CF) issuance on the SOMA.finance platform, a multiasset decentralized exchange (DEX) and issuance platform for tokenized equities, digital assets, and non-fungible tokens (NFTs). A common criticism of the cryptocurrency industry is that crypto tokens do not represent a financial claim on the equity or debt of the issuer, leaving investors with worthless tokens and little recourse in cases of bankruptcy or fraud.
William B. Heyn, co-founder and co-CEO of SOMA.finance and CEO of Tritaurian Capital, stated that they have been working to develop the necessary technology to launch a decentralized marketplace for digital assets, compliant digital securities, and NFTs while liaising with regulators to provide a highly regulated decentralized financial platform. Tritaurian Capital is a registered broker-dealer and member of the Financial Industry Reporting Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). It is the first non-alternative trading system (ATS) broker-dealer to be approved for a license to sell digital private placement securities using blockchain technology.