SOMA Finance to Launch Pioneering Retail-Compliant Digital Security
SOMA Finance is preparing to introduce the SOMA token, which will function as a non-cumulative, participating preferred stock associated with SOMA.finance. This innovative token is poised to distribute dividends, with the potential to reach up to 10% of the company's earnings.
In a recent announcement, SOMA Finance, formed through a collaboration between MANTRA and Tritaurian Capital, has unveiled its strategic plans to launch the inaugural digital security that adheres to legal guidelines and is tailored to serve both global and U.S. retail investors. The anticipated launch is scheduled for later in the current month.
The company's objective is to offer a total token value of $5 million through one or more phases, with the initial phase pricing the tokens at $2.50 each. Token holders will enjoy distinct advantages, including the entitlement to receive dividends that could potentially amount to 10% of SOMA's profits. The issuance of the SOMA token is anticipated to occur either by the end of this month or at the outset of October.
An outstanding feature of the SOMA token is its pioneering role as the initial Regulation Crowdfunding (Reg CF) offering within the SOMA.finance platform. SOMA.finance operates as a versatile decentralized exchange (DEX) and issuance platform catering to tokenized equities, digital assets, and non-fungible tokens (NFTs).
The cryptocurrency industry has faced prolonged criticism due to the absence of tokens that genuinely represent financial claims on the issuer's equity or debt. In cases involving bankruptcy or fraudulent activities, investors often find themselves holding tokens devoid of value, with limited avenues for seeking redress.
What sets the SOMA token apart is its authentic representation of a financial stake in SOMA at a corporate level, specifically functioning as a non-cumulative, participating preferred stock associated with SOMA.finance.
William B. Heyn, who serves as the co-founder and co-CEO of SOMA.finance and also holds the position of CEO at Tritaurian Capital, has underscored their unwavering commitment to developing a decentralized marketplace for digital assets, compliant digital securities, and NFTs. Their endeavors have been characterized by close collaboration with regulatory bodies to establish a meticulously regulated decentralized financial platform.
Notably, Tritaurian Capital distinguishes itself as a registered broker-dealer and holds membership in the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). It is noteworthy as the first non-alternative trading system (ATS) broker-dealer to secure a license for the sale of digital private placement securities utilizing blockchain technology.