Singapore firm eyes ICO to provide platform for cryptoeconomics

Singapore

IN an attempt to institutionalise cryptocurrency as a new asset class, Lattice80, a Singapore-based co-working space and self-described fintech hub, announced on Thursday that it would conduct an initial coin offering (ICO) in 2018.

No details of the ICO were disclosed, but the goal is to provide an "institutional-level platform to support cryptoeconomics".

An ICO is a currently unregulated means of crowdfunding that allows companies to issue their own digital tokens that can be bought by investors using cryptocurrencies. Tokens typically entitle backers to monetary or non-monetary rewards.

Lattice80 said that for its ICO, only "regulated environments in the most innovative and advanced jurisdictions" will be considered; these include Singapore, Japan, London, New York, and Abu Dhabi.

Lattice80 added that it will partner licensed platforms to offer services ranging from a licensed cryptocurrency exchange to e-payments and even a full digital bank.

In addition to supporting open-source projects and research, it will also build a licensed platform for APIs (application programming interface), into which fintech startups can plug and play their services.

Joe Cho, founding chief executive officer of Lattice80, said: "We would like to build a system where high net worth individuals 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 correlation to existing assets in alternative asset portfolios, for institutional investors."

Lattice80, founded in November 2016, is owned and operated by Singapore-based private investment firm Marvelstone Group, of which Mr Cho is chairman. It seeks to create an ecosystem to connect fintech startups, corporates, financial institutions, governments and the public.