Singapore's fintech hub Lattice80 intends to undertake its own initial coin offering, despite recent moves by governments and regulators curbing such initiatives.
Initial coin offering's (ICOs) have been making headlines over recent months, with the Chinese financial regulator deciding to ban such sales, declaring them a threat to financial stability. J.P. Morgan CEO Jamie Dimon and his Blackrock counterpart Larry Fink also attacked cryptocurrencies as fraudulent schemes for the purpose of laundering money.
Institutionalizing Emerging Asset Class
This doesn't seem to have diminished the enthusiasm for ICOs in Asia and the latest entrepreneur to voice an interest is Joe Seunghyun Cho, the head of Singapore-based Marvelstone Group. The company runs Lattice80, the world's largest fintech hub.
Cho announced plans to conduct an ICO some time next year in an emailed message, adding that there was huge demand for ICOs globally. He said the demographics of the finance industry were changing, with a need to offer a proper infrastructure to support the new field of cryptoeconomics.
«We want to institutionalize this emerging asset class to offer a new alpha opportunity for institutional investors,» Cho said.
