StockRadars CEO Teerachart “Max” Kortrakul

StockRadars CEO Teerachart “Max” Kortrakul

Thai stock trading and analytics startup StockRadars is launching an Initial Coin Offering (ICO) next month to raise US$12 million, as per a press statement.

The fintech startup will use the money to develop a decentralised social trading platform called CoinRadars, in addition to expanding regionally and globally.

StockRadars will offer 120 million pre-mined Carboneum (C8) tokens for sale. The C8 pre-sale starts on March 22, while the public offering will take place on April 22, 2018.

According to CEO Teerchart Max Kortrakul, the platform will only be used for digital asset and cryptocurrency trading in the initial stage. It plans to incorporate other products such as stocks once the regulatory framework is in place to support the concept.

Also Read: LINE launches new subsidiary with aim to offer cryptocurrency trading, loans and insurances

Social trading is an investment concept where a centralised platform allows users to choose expert traders to follow, and duplicate the trades executed by leading traders to their account automatically. This helps simplify investment process for beginners and will also provide career opportunities to amateur traders.

The company claims that unlike other traditional social trading platforms, CoinRadars’ fee structure will ask the users to pay only when the copied trades yield positive results.

StockRadars says it has achieved 680,000 app downloads to date, in addition to 10 local and regional brokerage partners. It has also tied up with LINE Thailand to develop a service called LINE Finance and together they have accumulated almost five million users. With the help of StockRadars’ technology and partnership with leading brokerage companies like Krungsri, Yuanta and Globlex, LINE users can now buy and sell stocks inside LINE application.

Additionally, StockRadars has announced a joint-venture with Thai investment community Long Thoon Man and a partnership with Bloomberg.

In 2016, StockRadars raised an undisclosed funding led by CyberAgent Ventures as well as a number of angel investors. 500 Startups and East Ventures are also investors in StockRadars.

Singapore-based CopyCash Foundation, which provides a trading and investment platform called ‘Social Travesting’, also follows a similar business model, wherein users can participate in foreign exchange, cryptocurrencies, indices and stocks markets by copying the top traders in CopyCash community.

Recently, Securities Commission (SC) directed CopyCash to cease and desist from all its proposed activities, including a purported plan to launch an ICO in Malaysia. The directive was based on an enquiry by the commission, which had found there was a reasonable likelihood that disclosures in CopyCash’s white paper and representations to potential investors contravened relevant requirements under securities laws of Malaysia.