Huobi Joins GLASS Network and Invests in SharesPost
Huobi joins network enabling compliant trading of digital securities globally
San Francisco, CA, Aug. 15, 2018 (GLOBE NEWSWIRE) — SharesPost, a leading provider of liquidity solutions to the private growth asset class, has announced that Huobi, China’s largest cryptocurrency and blockchain token exchange and second largest worldwide, has joined the Global Liquidity and Settlement System network (GLASS). When GLASS becomes operational, Huobi will be able to settle secondary trades of digital securities by U.S. investors in compliance with U.S. securities laws. Huobi will also be able to pool its nine million customers’ buy and sell orders with other exchanges using GLASS on a trading pair by trading pair basis.
Greg Brogger, Founder and CEO of SharesPost, said: “We are very excited to see GLASS validated by such a highly respected trading platform. It signals the start of the next stage of development in the digital securities market, and we expect it will go a long way to clearing the cloud that the absence of a legitimate global compliance solution has cast over crypto markets for the last year.”
Originated by SharesPost, GLASS is a decentralized, global network of crypto trading platforms and licensed broker dealers and exchanges. GLASS is designed to be the blockchain community’s shared compliance and settlement infrastructure. Each country will have licensed entities, like SharesPost’s U.S. Alternative Trading System (ATS), on the GLASS network. When trading platforms like Huobi match an offshore client in a digital securities trade, they can submit the trade to the network’s licensed entity in the client’s home jurisdiction for compliant settlement. Huobi joins other prominent centralized and decentralized crypto trading platforms, including OKCoin and Stellar, in supporting the launch of GLASS.
Wang Run, CEO of Huobi Eco, said: “Huobi Eco, acting as the corporate development and strategic investment arm of Huobi, is focusing on developing the ecosystem surrounding Huobi’s main exchange business. Our goal is to provide more efficiency in finance and greater access for the mass population to wealth creation opportunities. Huobi Eco has always been committed to supporting solutions for Huobi to operate within the compliance requirements of every country in which we do business. This is even more important as our market matures. Institutional and other investors who are now becoming active in crypto markets are seeking safe platforms regulated by trusted authorities. Becoming a member of GLASS will provide Huobi a way to serve these customers in every jurisdiction as well as serving as an important milestone for the establishment of the Huobi Global Ecosystem.”
Exchanges on GLASS can also opt to pool their customers’ orders for certain tokens with those of other exchanges. This is meant to provide sufficient liquidity for the anticipated wave of security tokens and tokenized assets and drive incremental trading revenue to member exchanges. Within a month of the launch of GLASS, the aggregated volume of GLASS member exchanges already represents the single largest pool of liquidity for token trading in the world. GLASS member exchanges will benefit from the resulting network effects.
Huobi has also made an equity investment in SharesPost. “We are thrilled to have Huobi as a shareholder,” said Brogger. “Because of Huobi’s proven ability to innovate for their enormous investor base in China and throughout Asia, we can imagine no better partner in our mission to create a compliant, efficient global marketplace for all types of private growth company securities.”
For more information on SharesPost, visit SharesPost.com.
For more information on GLASS, visit Glassnet.io.
For more information on Huobi, visit Huobi.com.
SharesPost Founder and CEO Greg Brogger is available for interview.
About SharesPost:SharesPost’s mission is to create liquidity for the private growth asset class. In 2009, SharesPost launched the first online secondary market for private technology company shares. Since then, SharesPost has connected thousands of buyers and sellers in more than $4 billion worth of transactions in the shares of more than 220 leading technology companies.
The SharesPost platform now also enables clients to access a variety of private market investment and liquidity solutions including (i) research and data on leading private technology companies, (ii) the SharesPost Private Growth Index, (iii) the SharesPost100 Fund, a registered closed-end interval fund providing all investors with easy access to the asset class, and (iv) SharesPost Lending, which enables private company shareholders to borrow against their shares. In 2017, SharesPost managed its first Initial Coin Offering and in 2018 announced plans to integrate trading of digital securities into the SharesPost platform.
About GLASS:GLASS is a decentralized liquidity and settlement network for crypto trading platforms and exchanges.
Participating exchanges will deepen their liquidity, drive incremental transaction volume and settle compliant token transactions in all jurisdictions irrespective of whether or not the tokens are securities. The GLASS network will be anchored initially by the SharesPost Marketplace, an already established U.S. Alternative Trading System for digital and other unregistered securities. For more information, please visit glassnet.io.
About Huobi:Huobi Group is the leading global blockchain asset financial service provider. With a mission to make investing in alternative assets more efficient and adaptable, the company is committed to providing customers with safe, professional, and honest services based on the core principle of putting the customer first. Established in 2013, Huobi has become one of the world’s largest digital asset exchanges with an accumulated trading volume of US $1 trillion. Having once accounted for half of the world’s digital asset transactions, Huobi now serves more than 5 million users in over 130 countries around the world. With compliance teams in Singapore, the United States, Japan, Korea, Hong Kong, Thailand, Australia and other countries and regions around the world, Huobi is able to provide safe and reliable digital asset trading and management services to its customers. To date, Huobi Group has also invested in more than 40 upstream and downstream companies.
Huobi Global Ecosystem Fund was established in 2018 with the purpose of investing in the best companies and form close partnerships in the blockchain space. Together with our partners, we aim to work together to make the blockchain ecosystem healthier and stronger. For more information, please visit huobi.com.
Amanda Woodward SharesPost 9179002738 email@example.com