PrimaryLedger Limited (PrimaryLedger) is pleased to announce the release of Version 1.0 of its Digital Registry Servicesdelivering blockchain-based Digital Financial Instrument technology to provide tokenised title to securities.
PrimaryLedger creates and stores immutable ownership title and streamlines the trading of Financial Securities including equities, units and debt instruments issued by Companies and Managed Funds/Trusts – both Listed and Unlisted.
PrimaryLedger’s foundation customers include PrimaryMarkets Limited, Australian Independent Rural Retailers Limited (AIRR), Linqto Inc. USA and Haoma Mining NL.
Primary Ledger is a joint venture between:
- PrimaryMarkets – a leading online marketplace that transacts secondary trading of existing securities and investments, manages secondary securities trading on behalf of companies and trusts and assists unlisted companies/trusts raise new capital.
- Civic Ledger – an expert in blockchain technologies, smart contracts and management of tokenisation services.In June 2018, it was named Australia’s Emerging Fintech Organisation of the Year.
- Sapien Ventures VC – a team of serial entrepreneurs, corporate veterans, seasoned investment bankers and capital markets experts having their own technology-focused early-stage venture capital fund which is a shareholder and backer of Civic Ledger.
Most Registry Services providers operate on legacy platforms developed generations ago based on old development standards with limited functionality and usability.
Registry services for most companies and funds (particularly for Unlisted Issuers) are managed with cumbersome physical certificates and Excel spreadsheets, leaving verification and ownership to trusting human interaction and daily management – all of which are digitised by the functionality within the PrimaryLedger platform.
PrimaryLedger is the next continuing step in the PrimaryMarkets platform evolution which dovetails with PrimaryMarkets platform Ecosystems (controlled, private trading hubs for Companies/Funds), Escrow Services and Buyer Status Verification.
Launch of PrimaryLedger’s Digital Registry Services
Today, all shareholders of PrimaryMarkets, AIRR, Linqto and Haoma Mining have been issued tokenised securities which provide immutable ownership title to their respective shareholdings
PrimaryLedger is moving quickly to add further issuers including multiple unlisted blue-chip companies and funds with strong cash flows, dividends and individual market capitalisations of A$80M+.
Many unlisted issuers are not able or are unwilling to utilise the services of the current registry service providers which are primarily focused on listed markets. Unlisted Issuers seek solutions that provide:
- Title including transfer of title, holding statements and interface with various WRAP accounts;
- Messages including general communications, annual reports, voting/proxy materials and annual tax statements; and
- Monies, specifically applications monies, regular income distributions, inflow of funds from capital calls, distribution of funds on sale of units and sunset data – return of capital and final dividend paid.
Product development will continue on PrimaryLedger with its next iterations covering advanced administration, corporate actions and distribution of monies.
Nicholas Capp, MD/CEO of PrimaryLedger and PrimaryMarkets said:
“PrimaryLedger has been established to address the inefficiencies and challenges we see in the unlisted markets each day. PrimaryLedger is an integral component to the long-term goal of a highly efficient, and more importantly, highly liquid unlisted securities marketplace.
PrimaryMarkets views the technology outcome of PrimaryLedger as a pivotal link in our planned growth and expansion.
Blockchain/smart contract technology addresses the need for a clear and specific trail of ownership including transfer of the financial securities.”
Jim Wallace, Company Secretary of Haoma Mining NL said:
“Congratulations to PrimaryLedger on its entry into the registry services marketplace.Its application of latest technologies with modern interface for both securityholders and Issuers makes corporate administration far easier for unlisted companies and funds.PrimaryLedger is a long overdue and welcome addition into the registry services industry”.