- Virtuzone and TOKO Network’s partnership will see them launch Dubai’s inaugural tokenized equity fundraising platform for startups and entrepreneurs.
- TOKO Network has also secured a VASP operating licence from Dubai’s VARA.
Virtuzone, a leading business solutions provider and TOKO Network, a fintech platform offering a digital asset creation platform, have launched the first tokenized equity crowdfunding platform in Dubai.
The ground-breaking platform is targeted for investors and businesses in the burgeoning Web3 space, and follows a strategic partnership between the two companies. TOKO and Virtuzone revealed this in details released on Monday and shared by Hedera. TOKO is a member of the Hashgraph Hedera Governing Council.
2/ In addition, @TOKO_network has today announced a strategic partnership with @Virtuzone_UAE to launch Dubai’s first tokenized equity crowd funding platform – transforming private equity fund raising using #web3 for both investors and businesses alike.https://t.co/jZ38pd97wN
— Hedera (@hedera) September 11, 2023
Revolutionising private equity funding
As noted by the two companies, the tokenized equity fund raising platform will leverage blockchain technology to revolutionise private equity funding for early stage Web3 startups. TOKO is joining forces with Virtuzone after securing approval as a broker-dealer and exchange from Dubai’s Virtual Asset Regulatory Authority (VARA).
The VASP licence allows the platform to operate as a full market virtual asset provider, a milestone that TOKO managing director Scott Thiel said will help transform the broader investment space, including spurring financial inclusion via compliance and transparency.
TOKO and Virtuzone believe the tokenization of early equity offerings will allow both individual and institutional investors to fully participate in the ecosystem, particularly through access to early equity fundraising.
Neil Petch, Chairman and co-founder of Virtuzone noted in a statement that partnering TOKO and working together under VARA’s regulatory framework will open up Dubai even more as a key hub for startups and entrepreneurs eyeing capital injection. It’s also a crucial part of the UAE’s quest to be “home to 10 unicorn companies by 2031,” Petch added.
As various global jurisdictions look to attract blockchain and crypto innovation, Dubai has emerged as one of the key destinations.