The NEXTRADE (NXT) consortium, which received preliminary approval for a fractional investment over-the-counter exchange, has begun related work with a goal of opening the market in the fourth quarter of this year.
On the 13th, the Financial Services Commission granted preliminary approval for revenue-securities brokerage to two groups—the NXT consortium and the Korea Exchange (KRX) consortium—allowing transactions of various fractional investment securities, including music copyrights.
Accordingly, including NEXTRADE (NXT), Shinhan Investment Securities, Musicow, and Blueward formed a preparatory committee to establish the NXT consortium company. The committee said on the 19th through related materials, "We plan to proceed without a hitch with corporate establishment, securing professional talent, building a transaction system, and obtaining final approval, with the goal of opening the market in the fourth quarter of this year."
In the meantime, fractional investment operators such as Musicow have been designated as innovative financial services and have provided pilot services for issuing and distributing fractional investment products, including music tracks.
The NXT consortium emphasized that it will carry forward the achievements of the fractional investment market while fulfilling its responsibilities and role as a regulated distribution platform. The NXT consortium cited as strengths that 18 contributing institutions and three partner institutions with experience in operating the largest-scale fractional investment market, building and operating large-volume securities distribution systems, large-scale customer management, Blockchain development capabilities, and credit rating operations are participating.
The committee explained, "By actively leveraging the know-how of the contributing institutions, we will grow into a distribution platform that provides investors with innovative and stable transaction services, achieving both transaction convenience and robust investor protection."
It added, "Regarding the conditions of the Financial Services Commission's preliminary approval, if an administrative investigation is conducted by the Korea Fair Trade Commission, we will faithfully cooperate with the investigation and make it clear that the suspected technology theft is not true."