ITCEN joins Malaysian token stock exchange GreenX

ITCEN announced on the 25th that it signed a business agreement (MOU) with GreenX, a Malaysian STO exchange, to expand its token security issuance (STO) business.

Through this MOU, the two companies decided to strengthen technological and business synergies related to blockchain services through mutual cooperation and also join forces in the security token (ST) business.

GreenX is a wholly owned subsidiary of NASDAQ-listed GreenPro Capital (NASDAQ:GRNQ), which obtained a security token (ST) exchange licence from the Malaysian government in April 2022. Currently, it supports the trading of antiques (ceramics), jewellery (sapphires, gold), real estate (buildings), livestock (cattle, chickens), and rare earth elements by issuing STs.

Among them, the rare earth elements ST is unique in that it was issued by Greensnow Technology, a Malaysian mineral exploration and mining company licensed to mine rare earths, as a means of sharing ownership of the mine. Rare earth elements are used extensively in mobile phones, energy, defence and healthcare, among other applications, leading to a global scramble to secure them. However, despite being endowed with these rare earth elements, Malaysia has faced challenges in mining and processing rare earth elements due to difficulties in securing capital for mining.

With this MOU, ITCEN is expected to be able to secure a more diverse range of trading items by adding rare earth elements to the existing physical raw material trading items such as gold, silver, copper, and palladium.

“This MOU with GreenX will be the first step to see our future direction in the token securities market,” said Park Jung-jae, CEO of ITCEN. “We will strengthen our cooperation as a global partner and continue to expand our agreements with overseas exchanges when promoting the Busan Digital Asset Exchange business.”

Source: 아이티센, 말레이시아 토큰증권 거래소 ‘그린엑스’ 맞손

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