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August 29, 2018

Ideanomics scores regulatory approval in 'share swap' deal

PHOTO | HBJ File Students walking through UConn's former West Hartford campus in 2016.
By Joe Cooper

Ideanomics, formerly Seven Stars Cloud, on Wednesday said it notched regulatory approval to become the largest shareholder of a Delaware-based trading firm.

The New York-based fintech, which plans to move its headquarters for technology and innovation to UConn’s former West Hartford campus, said the Financial Industry Regulatory Authority (FINRA) approved its ownership stake in the Delaware Board of Trade Holdings Inc. (DBOT).

DBOT operates three companies: DBOT ATS LLC, an alternative trading system; DBOT Issuer Services LLC, which sets issuer standards; and BOT Technology Services LLC, focused on price and trade-related data.

The companies announced the share swap agreement in Dec. 2017.

Under the deal, Ideanomics will purchase 27 percent of DBOT and its president and chief revenue officer, Robert G. Benya, will serve on DBOT’s board of directors.

Ideanomics, which plans to create a $280 million tech hub for blockchain technology and artificial intelligence West Hartford, said it will use DBOT’s trading system to power its blockchain-based products.

On Tuesday, the company announced it adopted Ideanomics as its new business name to reflects its focus transitioning traditional assets into the asset digitization era. The name change requires shareholder approval.

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