SOMA Finance, a collaborative initiative between MANTRA and Tritaurian Capital, revealed plans to introduce the first legally sanctioned digital security token for global and U.S. retail investors. According to a company statement released on Wednesday, SOMA aims to raise up to $5 million by selling tokens in one or more phases. The initial tranche is priced at $2.50 per token, and the launch is slated for late this month or early October.
What sets the SOMA token apart is its pioneering role as the first Regulation Crowdfunding (Reg CF) issuance on the SOMA.finance platform. SOMA.finance operates as a multi-asset decentralized exchange (DEX) and serves as an issuance platform for tokenized equities, digital assets, and non-fungible tokens (NFTs).
In contrast to many cryptocurrency tokens, which often do not offer financial claims on the issuer’s equity or debt, the SOMA token will actually represent an equity stake in SOMA.finance at a corporate level. The company specifies that the token will function as non-cumulative, participating preferred stock, offering holders the right to dividends of up to 10% of SOMA’s profits.
“We’ve been diligently developing the technology required to initiate a groundbreaking decentralized marketplace for digital assets, compliant digital securities, and NFTs, all while coordinating with regulatory authorities to ensure a highly regulated decentralized financial platform,” said William B. Heyn, co-founder and co-CEO of SOMA.finance and CEO of Tritaurian Capital.
Tritaurian Capital, a registered broker-dealer, is a member of the Financial Industry Reporting Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). The firm has the distinction of being the first non-alternative trading system (ATS) broker-dealer to gain regulatory approval for selling digital private placement securities via blockchain technology.