PARAMETA (formerly ICONLOOP) is helping build Korea's first security token platform backed by cars.
PARAMETA has signed a business agreement with CarS TOgether, an operator of mobility security token platforms, to jointly build Korea's first mobility security token platform.
Under the agreement, PARAMETA and CarS TOgether will jointly apply for the financial regulatory sandbox in order to build a security token platform using automobiles — long-term vehicle leases, used-car sales and the like — as the underlying assets. Once the service is designated an Innovative Financial Service, the two companies plan to carry out the full scope of work around security token offerings (STO) and distribution together.
In this partnership PARAMETA acts as CarS TOgether's blockchain technology partner, supplying all of the technology needed to build the security token platform on top of its own service, PARAMETA S, and supporting a system that secures transparency and stability in vehicle transactions through token issuance. PARAMETA will also continue to provide technical support and cooperation for stable platform operation down the road.
PARAMETA S _ STO as a Service
PARAMETA S packages the full range of security token technology. It makes fractional management of real-world assets possible using tokens, supporting real asset investment management such as STOs and fractional ownership administration.
Drawing on its expertise and know-how in the mobility market and related businesses, CarS TOgether plans to create a range of new opportunities for investors through Korea's first mobility platform to apply security token technology to the highly profitable automotive industry. Its immediate goal is to distribute the income generated by long-term vehicle leases, sales and exports to investors through this mobility security token platform, a fractional investment model that lets individual investors put small amounts into individual cars.
Following the Financial Services Commission's release of its STO guidelines (a plan to overhaul the rules governing security token issuance and distribution) this past February, the shape of the related amendment bills has started to emerge, and fractional investment platforms built on security tokens are widely expected to take off in earnest. Against that backdrop, the mobility security token platform the two companies are preparing has already drawn considerable attention from the industry as Korea's first fractional investment platform using automobiles as the underlying asset. Both companies expect that a transparent, stable platform will naturally resolve the information asymmetry of the car market — a textbook "lemon market" — while opening up a new investment opportunity for investors.
* Related article: Institutionalization of STOs picks up speed… distributed ledger technology gains legal recognition <Financial News / reporter Han Young-jun / 2023.07.13>
We plan to cooperate technically on many fronts with PARAMETA, which holds strong expertise in blockchain and Web3, to pass the financial regulatory sandbox. We hope this becomes the turning point for real growth of mobility-based STO platforms.
Ha Jae-jun, CEO of CarS TOgether
We are delighted to be pioneering a new market alongside CarS TOgether, whose expertise and insight into the mobility market and business are second to none, and we will keep applying our blockchain and Web3 technology to build a security token ecosystem where individuals, too, can access ample information and a wide range of investment opportunities.
About PARAMETA (formerly ICONLOOP)
PARAMETA is a technology company that has led innovation under the slogan "Web3 Enabler," continuously developing blockchain and Web3 technology and applying it across industries. Backed by a full-stack technology set that spans all of Web3 and a track record of successful public and enterprise blockchains, PARAMETA has established itself as a strong partner for the technology and consulting behind Web3 adoption and transformation.
PARAMETA offers PARAMETA Service (PARAMETA W, N, S, T), which lets businesses pick and apply the core elements of Web3 — Wallet, NFT, STO and Token Management — without building their own infrastructure, supporting a fast and easy Web3 transformation.
About CarS TOgether
CarS TOgether is a company that offers a new class of investment products backed by mobility-based businesses. It presents tangible business models — long-term vehicle leases, sales and exports — as investment products, and gives investors the chance to realize fast, high returns on a transparent, legally protected platform built on STOs. The company is currently signing MOUs with a range of partners to grow the platform, and has notably concluded a performance agreement with GNA, a leader in the field, to operate its flagship product, long-term leases of new vehicles.
[Reference] Read the full PARAMETA press release ▼
[Reference] Go to the related articles ▼
- PARAMETA and CarS TOgether join hands to build a mobility security token platform
- PARAMETA–CarS TOgether, financial regulation related to a mobility security token platform...
- www.ddaily.co.kr
Web3 Enabler, PARAMETA