The Security and Exchange Committee (SEC) has made a plunge of its own into the crypto-world as crypto-analysts witness an SEC registered company acting as a liquidity provider, SharePost, working over producing its very own cryptocurrency platform, titled as the Global Liquidity and Settlement System (GLASS). GLASS is a crypto-project that encompasses the entire idealization SEC intends to be raced to in order to create an effective, feasible means to deal in cryptocurrency.
SharesPost is a FINRA-registered broker-dealer, SEC-registered Alternative Trading System (ATS) and registered investment advisor that boasts assets of $4 billion spread over a pool of 200 companies. SharePost define itself as,
SharesPost supports late-stage, private growth companies and the entrepreneurs that build them by providing liquidity and a better private capital market.
SharesPost seek to act divine when it comes to transparency and getting big time companies on board that can make use of the assets in the best way possible. The company seeks to expose the private marketplaces for what they are in order for the investors to make sure they pour money in, but do it the right way. The inclusion of third party marketplaces is set to incorporate the tendency to expand as more investors jump out of other platforms towards GLASS with extreme ease.
A better private market is more transparent, efficient and accessible to all. The SharesPost platform fosters transparency by publishing private market data, research and valuation tools. Our experienced transactions team leverages our technology platform to match buyers and sellers and provide best-in-class transaction execution. We offer all investors efficient access to the venture asset class through our mutual fund, the SharesPost 100 Fund.
A former Vice President of Application Architecture and R&D at Charles Schwab, Nick Grabowski has been appointed the chief technology officer of the project presiding the the making of the platform as application and systems architects, designers and engineers crunch thoughts to produce the best product ever. Grabowski has been appointed to work diligently over the company’s aims for the project and SharesPoste CEO offers nice set of words for the GLASS-tech-in-chief.
Nick is a strategic and experienced technologist who has been very successful in developing trading systems, client facing interfaces and brokerage account platforms. His mission will be to continue to improve our platform’s existing capabilities and develop new ones related to our blockchain securities initiatives.
Greg Brogger, the founder and CEO of SharePost has some inspirational words for the newly designed project, GLASS, as they strive to construct a trading platform accessible to the third party agents i.e. investors and companies. The marketplace would thus have to be super-active in fighting off any risk inducing agents and scammers that roam the marketplace to infect the crypto-dealings to extract benefit. Brogger states,
Our strategy is to create a single, global marketplace for traditional and digital securities of private growth companies. Connecting U.S. and Asian investors and companies on our ATS is a key objective in realizing that vision.
The SEC favoured project is set to operate cross-market as related people continuously boast the feature which is supposed to increase the trading tendency crypto-world wide easing access for anyone that wishes a transaction. The project has been discussed technically in immense detail in the White Paper the company has published over the web that states the key features i.e. “Settlement Network”, “Liquidity Pool” and the related technology behind the completion of the project. The paper states,
Exchanges could boost trading volumes without materially slowing transaction processing speeds by connecting with counterparties on other exchanges. The platforms can market to and serve customers even if regulators deem those tokens as securities in that jurisdiction.
GLASS is destined to offer to its fullest capacity raising hopes of the enthusiasts and for sure, the stakes for the project. The company has landed major crypto-personlaities having a major mark over the cryptocurrency trading world as the company seeks pivotal players to dominate the duel of the standard bearer crypto marketplace. Fundstrat’s bullish Bitcoin analyst Tom Lee and Kenetic Capital Managing Partner Jehan Chu also an advisor for QTUM, founded the Ethereum Hong Kong community and the Hyperledger HK community besides co-founding the Bitcoin Association of Hong Kong, have been drawn into the massive noise that seemingly possesses the potential to make the crypto world jitter in favour. Chu states,
SharesPost is building what we think will be the world’s leading secondary platform for ICOs and secondary trading of security and utility tokens. Where others are still just talking about when they might launch their ATS, SharesPost has been operating their ATS for years and has the technology, team and customers necessary to enable global trading of digital securities.
The company has seemingly acted in accordance to the premises set by the SEC either deliberately or owing to the passion to creating rather figuratively immersive sorts. The company currently bears 150,000 investors including 50,000+ institutions and officially authorized investors, ones who can scratch some liquidity over GLASS. SharesPost’s SharesPost 100 Fund, “the only SEC registered mutual fund providing access to the private growth asset class” according to the company itself. The fund bears holdings in tech companies such as Lyft, DocuSign, SoundHound, 23andMe, Nextdoor, Pinterest, Spotify and Uber while the least one can pour in, is $2,500.
As the SEC and other regulators have become markedly more aggressive in enforcement actions against unregistered platforms, many platforms are requiring token issuers to deliver legal opinions stating that their token is not a security. However, given the regulatory uncertainty, few law firms have been willing to write such opinions. And because exchanges currently have no mechanism to share their liquidity, pools of buyers and sellers are broken up among many isolated exchanges. As a result, investors looking to trade these tokens find inefficient price discovery and minimal to no liquidity.
SEC has been on the roll to elude any immense advancement in the crypto-world owing to lesser transparency over the platforms but seeks to favor one to pull off the task to build one which in fact is a good omen for both the cryptocurrency followers and the constant investors.