Blockchain Technology Accomplishes New Grounds in Unlisted Stock Trade

Blockchain Technology Accomplishes New Grounds in Unlisted Stock Trade

Blockchain
May 11, 2020 Editor's Desk
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Unlisted stock trading services utilizing blockchain technology are in full motion. Based on the government’s pilot project and a financial regulation sandbox, the financial sector, including KOSCOM and blockchain companies, is launching services one after another. Many experts state that blockchain, where data cannot be copied or altered, improves the effectiveness of unlisted stock trading,
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Unlisted stock trading services utilizing blockchain technology are in full motion. Based on the government’s pilot project and a financial regulation sandbox, the financial sector, including KOSCOM and blockchain companies, is launching services one after another. Many experts state that blockchain, where data cannot be copied or altered, improves the effectiveness of unlisted stock trading, which has been accomplished by Internet message boards and PC documents.

They also anticipated that the increment in the safety of unlisted stock trading by blockchains might lead to the promotion of investment in startups.

While KOSCOM launched the blockchain-based unlisted stock market platform ‘Be My Unicorn’ in earnest, Dunamu and PSX will also launch unlisted stock trading utilizing blockchains in September and February of 2021, sequentially, industry sources stated on May 10.

KOSCOM entered the Initial DID Alliance, a blockchain-based ID, and authentication network, by the Private Sector-led National Blockchain Project’ encouraged by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) of 2019, and earned a special license on investment brokerage from the Financial Services Commission in May of the same year.

After about one year, KOSCOM launched the Be My Unicorn platform based on blockchains. The new platform concentrates on decreasing the responsibilities of controlling shareholder lists of small and medium-sized companies and venture startups, and on improving the trading efficiency of investors. Also, when the ‘Initial,’ a blockchain-based mobile electronic authentication (decentralized identification (DID) service, is issued in May, it will be likely to apply simple logins and electronic contracts in association with the Be My Unicorn platform.

“Through the Be My Unicorn platform, investors will be able to trade the unlisted stocks from professional investors such as accelerators, and stocks from venture company employees,” KOSCOM stated in a statement.

PSX and Dunamu are also preparing unlisted stock trade services with Shinhan Financial Investment and Samsung Securities, respectively, by the financial regulation sandbox. At PSX now in pilot operation, stocks of famous unlisted startups like Market Curly, Vuno, Musinsa, Krafton (Bluehole), Yanolja, Ridi Books, and Blocko are traded. PSX gains unlisted startups’ stocks from accelerators, angel investors, and stock options holders, and Shinhan Financial Investment supports PSX with user account openings and the trading system for stable services of PSX.

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