CurrencyWorks Inc. (“CWRK” or “CurrencyWorks”) (TSXV and OTCQB: CWRK), builds and operates FinTech Platforms as a Service for digital currencies, security tokens and digital assets, today announced the development of a security token reporting system that can be immediately deployed to drive value for public issuers. The blockchain platform has been developed through a partnership between CurrencyWorks, the Canadian Securities Exchange (the “CSE”) and Odyssey Trust Company (“Odyssey Trust”).
A unique security token can be associated with each issuer on the CSE that opts into the platform, enabling Odyssey Trust to provide issuers with deeper reporting information and enhanced transfer agent services. The blockchain reporting system will run parallel to the existing clearing and settlement services for CSE issuers.
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CurrencyWorks will provide various integration services, as well as Testnet and smart contract platforms. These will be used to test and validate the process of issuing security tokens.
Cameron Chell, Chairman of CurrencyWorks, stated: “Security tokens are gaining increasing acceptance in jurisdictions around the world, providing issuers and investors with an innovative way to create value and liquidity. We are pleased to partner with Odyssey Trust and the CSE to launch this system.”
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Bruce Elliott, President of CurrencyWorks, said: “This exciting announcement highlights the tremendous value inherent in security tokens. We see security token offerings as an ideal vehicle for resource companies seeking to raise capital by utilizing their reserves, or future sales, without diluting their current equity. They should also be appealing to companies in the pharmaceutical and technology industries as well as any company with a recurring revenue model.”
Richard Carleton, CEO of the CSE, said: “The CSE is committed to leading international exchange markets in the listing and trading of regulated security tokens, and we are pleased to be collaborating with CurrencyWorks and Odyssey Trust to support the infrastructure enabling security token offerings in Canada. We have seen tremendous interest in security tokens among both existing and potential CSE issuers.”
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