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Fintech hub Lattice80 to conduct initial coin offering next year

LATTICE80, the world's largest fintech hub, wholly owned and run by Singapore-based private investment firm Marvelstone Group, has announced plans to conduct an initial coin offering (ICO) next year.

Singapore is under consideration, along with Japan, London, New York and Abu Dhabi.

ICOs are usually undertaken when funds need to be raised for a new cryptocurrency venture.

Lattice80 will partner licensed platforms to offer services "ranging from a licensed cryptocurrency exchange to e-payments, and even a full digital bank", the company said in a press release.

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It will also build a licensed platform for application programming interfaces (APIs) where fintech startups can plug their services into.

In addition to the ICO, Lattice80 will open more branches and partner stakeholders in Singapore, Japan, London, New York and "strategic locations in the European Union, the Middle East and North Africa (MENA), and Asia".

"We are seeing huge demand and opportunities in ICOs globally. It is changing the demographics of the whole finance industry. We are seeing a clear need to offer a proper infrastructure to support this new field of cryptoeconomics," said Lattice80's founding CEO and chairman of Marvelstone Group Joe Seunghyun Cho.

"We would like to build a system where high net worth individuals (HNWIs) and institutions can participate under properly regulated systems and compliance mechanisms. We want to institutionalise this emerging asset class to offer a new alpha opportunity, with lower co-relation to existing assets in alternative asset portfolios, for institutional investors," Mr Cho added.