PARAMETA and CarS TOgether Cooperate to Build Korea's First Mobility Security Token Platform
[Photo caption: The signing ceremony for the PARAMETA–CarS TOgether agreement on a joint financial regulatory sandbox application and partnership for a mobility security token platform]
August 1, 2023, Seoul — Web3 Enabler PARAMETA (formerly ICONLOOP, CEO JH Kim) announced that it has signed a memorandum of understanding with CarS TOgether (CEO Jaejun Ha), operator of a mobility security token platform, to cooperate on building Korea's first mobility security token platform.
Under the agreement, PARAMETA and CarS TOgether will jointly apply to the financial regulatory sandbox to build a security token platform using automobiles as underlying assets — long-term vehicle rentals, used car sales, and the like — and plan to carry out the work involved in security token offerings (STOs) and distribution together once designated as an innovative financial service.
In this partnership, PARAMETA acts as CarS TOgether's blockchain technology partner, providing the technology needed to build the security token platform on the basis of its own service PARAMETA S (STO as a Service), and supporting a system that secures transparency and stability in vehicle transactions through security token issuance. It will also continue to offer technical support and cooperation for stable platform operation thereafter.
Drawing on its expertise in the mobility market and related businesses, CarS TOgether plans to create a range of opportunities for investors through Korea's first mobility platform applying security token technology to the profitable automotive industry. Its immediate goal is to distribute to investors the revenue generated from long-term rentals, sales, and exports of vehicles, through a mobility security token platform that takes the form of fractional investment, allowing individual investors to invest small sums in individual vehicles.
With the Financial Services Commission publishing its STO guidelines (a framework for regulating security token issuance and distribution) in February and the outlines of related amendments beginning to emerge, fractional investment platforms using security tokens are expected to take off in earnest. Against that backdrop, the mobility security token platform the two companies are preparing is already drawing considerable industry attention as Korea's first fractional investment platform using automobiles as underlying assets. The companies expect the transparent, stable platform to naturally reduce the information asymmetry of the car market — a textbook "lemon market" — while offering investors new investment opportunities.
"I am glad to be opening up a new market together with CarS TOgether, whose expertise and insight into the mobility market and business are exceptional," said PARAMETA CEO JH Kim. "PARAMETA will continue to apply its blockchain and Web3 technology to build a security token ecosystem in which individuals too can be given sufficient information and a range of investment opportunities."
"We plan to cooperate across many technical fronts with PARAMETA, which holds strong technology in blockchain and Web3, to secure approval through the financial regulatory sandbox," said CarS TOgether CEO Jaejun Ha. "We hope this becomes the catalyst for real growth in mobility-based STO platforms."
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About PARAMETA (formerly ICONLOOP)
PARAMETA is a technology company that has consistently developed blockchain and Web3 technology under the slogan "Web3 Enabler," leading innovation by applying it across industry. Backed by a full technology stack applicable across Web3 and by a record of success with numerous public and enterprise blockchains, PARAMETA has established itself as a strong partner supporting the technology and consulting needed for Web3 adoption and transformation. PARAMETA supports fast, straightforward Web3 transformation through PARAMETA Service (PARAMETA W (Wallet), N (NFT), S (STO), T (Token Management)), which lets businesses select and apply the core Web3 elements of wallet, NFT, STO, and token management without building their own infrastructure.
About CarS TOgether
CarS TOgether offers new investment products using mobility-based businesses as underlying assets. It presents tangible business models — long-term vehicle rentals, sales, exports — as investment products, while giving investors the opportunity to realize fast, substantial returns on a transparent, legally protected platform built with STOs. The company is currently signing MOUs with a range of companies to grow the platform, and has entered into a performance agreement with GNA, a leader in the field, to operate its flagship product of long-term new car rentals.
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