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Financial giant SBI to run its first security token offering in October

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Japanese financial conglomerate SBI Holdings is getting more serious about the security token offerings industry.

SBI is planning to run its own STO allotting shares of SBI e-Sports, the company’s new e-sports gaming arm, Cointelegraph Japan reports Oct. 9.

Announcing the news on Friday, SBI said that the upcoming STO will be conducted using ibet, a blockchain platform developed by digital security startup Boostry. Scheduled for Oct. 30, the STO will be carried out by SBI’s online securities subsidiary, SBI Securities, while SBI holdings will act as an underwriter.

SBI said that the company considers STOs a “core technology of fintech” and plans to tokenize a number of other assets in the future. The firm stated that it looks to tokenize assets like real estate, fine art, and intellectual property rights including copyrights for games and movies.

A security token offering, or STO, is a type of public offering in which tokenized digital securities, known as security tokens, are sold on special exchanges. A security token represents an investment contract into an underlying investment asset, such as stocks, bonds, funds and real estate investment trusts.

News of the company’s upcoming STO comes shortly after SBI made another move into the space by acquiring a 10% stake in Boostry in July 2020. As reported, Boostry is a joint venture of Japanese investment giant Nomura and Nomura Research Institute.



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Kyber expands to Polygon, announces $30M ‘Rainmaker’ liquidity mining program

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Decentralized finance (DeFi) liquidity hub Kyber Network (KNC) is set to become the next DeFi protocol to enter the expanding Polygon (MATIC) ecosystem.

In a statement issued on Wednesday, Kyber announced the launch of Rainmaker — a liquidity mining program on the platform’s Dynamic Market Maker protocol that will commence on June 30 to mark Kyber’s expansion to Polygon.

According to the announcement, the Rainmaker program will distribute $30 million in rewards to liquidity providers on the Kyber DMM across both Polygon and Ethereum.

Of the total reward pool, 12.6 million KNC tokens (about $25 million) will be distributed to liquidity providers on selected Ethereum-based amplified pools. The remaining 2.52 million KNC ($5 million) will be for LPs on Polygon-based amplified pools.

These rewards be will in the form of KNC and MATIC tokens which can also be staked to provide liquidity on KNC and MATIC pools to compound reward earnings. Rainmaker reward earners that receive KNC can also stake some on the KyberDAO to participate in governance activities thereby earning additional voting rewards.

According to the announcement, the Polygon phase of the Rainmaker liquidity mining program will run for two months while that for Ethereum will take place over three months beginning from June 30 for both.

Apart from the $5 million worth of KNC tokens, Kyber is also contributing $500,000 in MATIC “coins” for the Rainmaker liquidity mining program.

For Kyber, Rainmaker will help to further expand Polygon’s growing liquidity. Indeed, DeFi projects continue to establish a presence on Polygon amid a broader push for multichain strategies and greater overall scalability.

Related: DeFi projects launch on Polygon, usage skyrockets

Polygon usage continues to skyrocket triggering significant integration efforts by DeFi primitives. Back in May, 0x — a liquidity bridge for decentralized exchanges — announced an API tool for Ethereum-based DEX like SushiSwap, mStable and Dfyn to interact with the Polygon ecosystem.

Ren — a cross-chain liquidity protocol — has also created a bridge to allow porting of Ren-based wrapped tokens to the Polygon network.