Osaka Digital Exchange (ODX) will start its new digital securities trading platform on Dec. 25, according to a Monday announcement.
Founded in 2021, ODX is made up of Japanese heavyweights from traditional finance, including SBI Holdings and Sumitomo Mitsui Financial Group (SMFG), and has the goal of setting up a digital stock exchange. ODX's proprietary trading system for security tokens, named Start, received regulatory approval on Nov. 16 from the country's financial watchdog.
Around 3 billion yen ($20 million) worth of tokenized securities will be issued by real estate firm Ichigo Owners, according to an SBI Holdings press release. The Ichigo Residence Token will be invested "in six highly convenient rental residential properties with excellent access to the city center, and is expected to be the largest issue price ever for an Ichigo Group security token," the statement said.
The token will be issued on Progmat, a software platform for issuing and managing digital assets that firms like Binance are hoping to use for issuing stablecoins in the country.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.