{"id":3635,"date":"2020-03-10T11:12:52","date_gmt":"2020-03-10T08:12:52","guid":{"rendered":"https:\/\/crypto-mining.club\/?p=3635"},"modified":"2020-03-10T11:12:55","modified_gmt":"2020-03-10T08:12:55","slug":"morningstar-first-valued-security-on-ethereum-blockchain","status":"publish","type":"post","link":"https:\/\/crypto-mining.blog\/en\/news\/morningstar-first-valued-security-on-ethereum-blockchain\/","title":{"rendered":"Morningstar first valued security on Ethereum blockchain"},"content":{"rendered":"\n
\"Morningstar<\/figure>\n\n\n\n

Fatburger, an American fast-food chain of restaurants, closed a $ 39.7 million round of fundraising on Friday by “leveraging securities on the Ethereum blockchain.” About it writes Forbes.<\/p>\n\n\n\n

Fatburger\u2019s offer was evaluated by DBRS Morningstar, a global credit rating agency, which was the first to conduct such an operation for securities using distributed ledger technology.<\/p>\n\n\n\n

\u201cAlthough the rating itself is associated with traditional paper debt securities, Morningstar has allocated faster access to security data as a result of increased transparency through the use of Ethereum. This paves the way for new crypto assets on the blockchain, \u201dForbes notes.<\/p><\/blockquote>\n\n\n\n

Consulting company Cadence helped organize the proposal. With her participation, ERC20 tokens, which are a digital reflection of securities, were credited to investors’ wallets. Information about this was recorded in the Ethereum blockchain. It will also be used for quarterly payments.<\/p>\n\n\n\n

The administrator of the transaction was UMB Bank. On his wallets, $ 40 million was placed in $ CDG stablecoin, while FAT Brands, the parent company of Fatburger, held tokens representing two tranches of securities. The exchange of stablecoin for FAT2020 tokens between investors was carried out using a smart contract, which was also recorded on the blockchain.<\/p>\n\n\n\n

FAT Brands President Andrew Widerhorn said that they are currently developing several other projects, and the final goal of raising funds by the end of the year is set at $ 500 million.<\/p>\n\n\n\n

Cadence CEO Nelson Chu said: \u201cDefinitely, this is the first evaluated securitization with a digital asset element that we used for its intended purpose – to ensure a level of transparency.\u201d<\/p>\n\n\n\n

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