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Funding will be used to acquire new technologies that deal with customer-facing blockchain tech
Total Network Services, a blockchain services company based in San Diego, has announced that it has closed a Series A funding round of security tokens. The company is not currently disclosing the amount that was raised.
Security tokens are a type of digital currency that differs in some ways from other digital assets such as utility tokens. Whereas utility tokens are created for use within a company's platform or for a service, security tokens act as a medium for investments. This means, that in the case of Total Network Services, the tokens will be used by investors in order to gain dividends when the company makes a profit.
DealBox, a capital advisory and professional services firm (also located in San Diego), structured and managed the security token round. DealBox helps make sure new tokens are compliant with various regulations according to the SEC.
In the press release, Total Network Services notes that it is looking into a Series B security token round and that proceeds from these rounds to acquire new technologies regarding customer-facing blockchain tech, including digital wallets and services that integrate with third-party blockchain applications.
Thomas Carter, CEO of Total Network Services, states, "We are excited to have secured the rights to the technology we have been working so hard to develop and commercialize under a marketing agreement. In addition, the proceeds from this planned offering will provide capital that will enable us to launch a worldwide marketing campaign to promote Digital Names and our related service offerings."
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