[Asia Economy Reporter Hyungsoo Park] Galaxia Moneytree's stock price is on the rise. The news that it has built a security token offering (STO) platform with Cardo, a virtual asset custody specialist company, appears to have influenced the stock price.
As of 9:56 a.m. on the 2nd, Galaxia Moneytree is trading at 7,670 KRW, up 9.26% from the previous day.
Galaxia Moneytree is engaged in blockchain businesses including NFTs (non-fungible tokens) through its subsidiaries Galaxia Next and Galaxia Metaverse.
Earlier, on the 19th of last month, the Financial Services Commission approved the agenda on the "Regulatory Framework for Issuance and Distribution of Security Tokens" at the 6th Financial Regulatory Innovation Meeting. The plan is to accept STOs as a digital form of securities and grant them legal effect. Detailed government guidelines will be released within this month.
Cardo is a blockchain specialized company established in 2021 with equity investments from NH Nonghyup Bank, Galaxia Moneytree, and other companies in the digital asset and finance sectors. It obtained a virtual asset business license last year. Cardo safely stores and manages entrusted digital assets, providing customers with a safer environment to trade digital assets.
A Galaxia Moneytree official said, "Ahead of the announcement of specific government guidelines, we are actively planning the STO business," adding, "We are also considering operating it through our subsidiary Galaxia Next to create synergy with NFTs according to the guidelines."
He continued, "Once STOs are fully incorporated into the regulatory system, we expect the market to be revitalized as customers using the platform will have better access to NFTs and STOs."
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