Hecto Financial announced on the 25th that the STO (Security Token Offering) registration statements No. 3-1, 3-2, and 3-3 of ‘Yeolmae Company,’ an art piece fractional investment platform operator that adopted its account-based payment solution as the payment method, are scheduled to take effect on the 28th of this month.
The underlying assets of these three securities are three drawing works by the artist ‘Yoshitomo Nara’ (No. 3-1, 3-2, 3-3). It is notable as the first art investment contract securities to be issued collectively by combining three cases. The total combined fundraising amount is 700 million KRW.
Yeolmae Company plans to start subscription for No. 3-1 for five days from the 29th of this month, followed sequentially by subscriptions for No. 3-2 and No. 3-3 until December 13. The payment deadlines for each security are respectively December 4-5, 11-12, and 18-19.
As Korea’s first STO issuer, Yeolmae Company adopts Hecto Financial’s account-based payment solution, an electronic financial company, unlike most other art piece fractional investment platforms that have adopted securities accounts as the payment method.
When paying the STO issuance amount through Hecto Financial’s account-based payment solution, there is no need to open a separate securities account, which can improve convenience for investors in payment methods and reduce issuance costs from the issuer’s perspective.
STO is a financial service that issues real assets in the form of blockchain-based tokens, enabling investment in the form of ‘fractional investment.’ It issues assets based on specific assets such as artworks and real estate, allowing fractional investment.
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