Finhaven launches blockchain-powered private markets platform in Canada

Rick Steves

FINToken can be purchased using cryptocurrency (USDC) or fiat currency (CAD) by Canadian investors only.  Finhaven is looking to expand to other jurisdictions with Finhaven partners.

Finhaven has launched a virtual currency dealer facilitating sales of FINTokens, a connector token between the worlds of cryptocurrencies and security tokens.

Gateway, the virtual currency dealer, was recently registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a money services business.

Gateway issued the FINToken (FIN) as an ERC-20 and BEP-20 token which will operate as a utility medium for innovative, improved transactions in regulated industries using blockchain technology.

Vancouver-based Finhaven Capital is an authorized dealer, marketplace and clearing agency for security tokens in BC, AB, SK, MB, ON, and QC of Canada.

Solving the custodian issue for securities

DH Kim, Chief Executive Officer of Finhaven, said: “Removing third-party custodians is key to real innovation in capital markets. The essence of blockchain innovation is peer-to-peer transactions and self-custody of your assets. In the securities world, however, your investment dealers are custodians of your securities and cash, and banks hold the cash. Unless this fundamental issue is resolved, there is no innovation with blockchain. With Finhaven Distributed Network (FDN, private blockchain), we solved the custodian issue for securities. However, we have not solved the cash custodian issue yet. Having FINToken available for our platform is a giant step closer to solving this cash custody problem.

“To enhance cross-border securities settlement and to have regulators, central banks, and dealers around the world participate in the efficiency of blockchain supported, regulated industries, Finhaven Chain (public blockchain) will be necessary, as will a medium of exchange for the chain. FINToken will be that medium of exchange.”

FINToken allows investors to buy, hold, and trade digital securities using cryptocurrency and to make payments in the Finhaven ecosystem.

Gateway customers can view digital securities offerings from private companies, convert FINToken to fiat currency for use in digital securities purchases, hold those purchased digital securities in a FINWallet and trade those securities with other Private Markets investors.

FINToken can be purchased using cryptocurrency (USDC) or fiat currency (CAD) by Canadian investors only.  Finhaven is looking to expand to other jurisdictions with Finhaven partners.

Finhaven is also launching a white label investment platform for issuers and investors and a capital raise marketplace for the global venture world.

Read this next

Retail FX

eToro valuation halved as SPAC merger deadline expires

The deadline for the completion of the SPAC merger of eToro had passed yesterday, June 30, and the Israeli broker apparently canceled the deal with Betsy Cohen-backed blank-check firm.

Institutional FX

FXSpotStream reports second best figure for monthly volumes

Trading volumes on institutional FX platforms surged in June after fears over the impact of Russia’s military invasion of Ukraine sent speculative asset classes reeling.

Retail FX

Vantage expands MT5 offering with access to new stocks

ASIC-regulated foreign exchange brokerage Vantage has expanded its service offering and trading products by incorporating new markets, namely 14 exchange-based stocks on MetaTrader 5.

Digital Assets

CFTC charges $1.7 billion Bitcoin scam, largest to date

Mirror Trading accepted at least 29,421 Bitcoin from approximately 23,000 investors from the United States and even more throughout the world.

Retail FX

Spotware Systems upgrades cTrader Desktop to version 4.3

Spotware Systems, a technology provider for the electronic trading industry, has launched an updated version of its cTrader Desktop, which adds new functionality to join a roster of advanced trading capabilities.

Digital Assets

OKX launches Block Trading for tighter pricing

With Block Trading, users can integrate spot and derivatives trades on the same platform and trade multiple currencies in a single trade. The service supports trading of perpetual swap, futures, and option contracts with popular altcoins as the underlying.

Industry News

Interactive Brokers pays $1 million to settle with CFTC

Interactive Brokers overcharged its customers a total of $710,828.14.

Metaverse Gaming NFT

DappRadar launches cross-chain token staking

The launch of the cross-chain token staking mechanism by DappRadar comes under a partnership with LayerZero protocol, which enables smart contracts to communicate across different chains.

Digital Assets

Polkadot releases one-stop marketplace for Substrate pallets

Proof-of-stake blockchain Polkadot has achieved a significant feat in its development, as it rolls out Substrate Marketplace, a one-stop shop for exploring the many Substrate pallets currently available.

<