Perpetuals.com to Trade American Stocks on Blockchain

Perpetuals.com, a publicly traded fintech company led by Patrick Gruhn, former executive of FTX Europe, aims to open a trading venue for American stocks on a blockchain. Kephas, the company's U.S. branch, indicated on October 14 that it intends to utilize a temporary exemption from the U.S. securities regulator. Trading has not yet begun, and access for Dutch investors has not been confirmed. The U.S. securities regulator established a temporary exemption on September 17 for certain trading venues with digital U.S. stocks, allowing providers to deviate from exchange rules under strict conditions. Kephas has issued a public notice to operate under this arrangement, but this does not mean that the platform has been separately approved. Before stocks can be added, the company behind the stock must receive notification, followed by a waiting period of at least thirty days. Kephas plans to use Kronos X Public, a network that operates with Ethereum technology, with the blockchain serving as a digital ledger. Stocks will be traded against USDC, a stablecoin that tracks the value of the U.S. dollar. The digital stocks are expected to offer the same rights as ordinary shares, such as voting rights and dividends. Legal and technical preparations are still to be completed, and details about which stocks will be available first and when trading will begin are not yet known.

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