Token: GLASS

Global Liquidity And Settlement System

ICO dates
Start date:
End date:

Registrated in: United States minor outlying islands

Platform: Ethereum
Type: ERC20


Glass categories
Glass token sale
KYC passing required No | Whitelist No | Restriction for countries No
Glass news, social
Glass search trends in Google
Random whitepaper excerpts

Important Legal Notices and Disclaimers
Executive Summary
The Blockchain Revolution at Risk
The SharesPost Solution
Market Overview
The ICO and Token Markets are Growing Rapidly
Trading Platforms Struggle to Generate Liquidity
Regulators Force Token Platforms to Evolve
Competitive Landscape is Undeveloped
Sharespost Global Liquidity
and Settlement System
Settlement Network
Liquidity Pooling
Technology Summary
SharesPost Marketplace
Token Uses And Utilities
Token Use: Global Liquidity and Settlement System
Token Use: SharesPost Marketplace
Technology Roadmap
The Company
The SharesPost Marketplace
SharesPost Management Team
SharesPost Investors
External Advisors

Important Legal Notices And
The purpose of this white paper
is for information purposes only
and may be subject to change
or update without notice. This
white paper is a preliminary
concept release intended solely
for review and discussion by the
blockchain and cryptocurrency
communities regarding the
technological merits of the
potential system outlined herein.
This white paper may contain
references to third party data
and industry publications. As far
as we are aware, the information
reproduced in this white paper is
accurate and the estimates and
assumptions contained herein
are reasonable. However, we
offer no assurances as to the
accuracy or completeness of
this data.

Executive Summary
The Blockchain Revolution at Risk
The emergence of cryptocurrencies and blockchain tokens promises to fundamentally remake the private
capital market. In 2017, the total value of tokens grew to USD$37.7 billion, a nearly 19,000% increase over
the prior year.
Companies and investors raised USD$5.4 billion last year through initial coin offerings.
At its
current rate, ICO capital raises will hit USD$12 billion this year.
To appreciate the rapid growth of token sales,
consider that U.S. startups (i.e., seed and Series A) in 2017 raised an estimated USD$8 billion using traditional
private placement.
But two fundamental problems threatened the further expansion of the blockchain enabled capital market.
First, many crypto trading platforms around the world struggle to generate enough liquidity to serve their local
markets. Apart from the most frequently traded currencies and tokens, many exchanges have insufficient buy
and/or sell sid...

penalize participating exchanges because a local regulated entity will make sure each trade complies with
local securities laws. The distinction between utility tokens and security tokens will become largely irrelevant
because entities licensed for securities transactions will settle the trades. As a result, exchanges can move to
acquire customers in the United States and other jurisdictions now actively regulating securities tokens.
SharesPost is ideally positioned to build, launch and maintain GLASS. Launched in 2009, SharesPost pioneered
the online trading of shares of private growth companies and has since matched thousands of buyers and
sellers in more than $4 billion worth of transactions in the shares of more than 200 leading private companies,
including Facebook, Tesla, Twitter, LinkedIn, Alibaba, etc. SharesPost’s U.S. trading platform (housed in New
York and San Francisco) is already licensed by the U.S. Securities Exchange Commission (the “SEC”) as an
Alternative Trading System (“ATS”) and by the F...

Market Overview
The ICO and Token Markets are Growing Rapidly
In 2017, companies raised USD$5.4 billion through the primary sale of tokens,
a 2,000% increase over the
previous year.
For the first two months of 2018, ICO value totaled USD$3.6 billion, which suggests token
issuance may increase this year by 241%.
The rapid growth in cryptocurrency use and value is prompting private companies to seek ICOs. Crypto
investors find ICO investments convenient because they can typically be made using bitcoin or ether. As
participation in the cryptocurrency market becomes increasingly mainstream, token issuers can expect a
growing pool of buyers interested in their ICOs.
Early token issuers raised capital to build out technology protocols. Today, issuers are focusing on tokens
and smart contracts. For example, venture capital firm Blockchain Capital rolled out its BCAP token, which
represents an interest in a fund. Other companies have looked at tokens for fiat...

Regulators Force Token Platforms to Evolve
Regulators were initially slow to react to the advent of cryptocurrencies and token economies. Decentralized
cryptocurrencies and digital tokens are dramatically different than traditional fiat currencies and securities. The
enabling encryption and blockchain technologies have led to the creation of new kinds of financial instruments
and transactions. As a result, regulators around the world needed time to understand them and their impact on
financial markets. In 2017 though, regulators began to take firm (in some cases, aggressive) positions on how
tokens should be treated under securities laws.
These new regulatory demands created a significant challenge for token trading platforms. Online trading
platforms are global and their users come from many different jurisdictions. This was not a problem when
platforms could take the position that they were not trading securities and so were not subject to regulation.
Now though, powerful regulatory bodies have made it clear t...

Tokens that are securities can only be legally traded in the U.S. on
Alternative Trading Systems or national exchanges. Accordingly,
in March 2018, the SEC released a statement titled “Statement on
Potentially Unlawful Online Platforms for Trading Digital Assets”: It
warned investors about unregistered platforms presenting themselves
as legitimate exchanges. It stated that “... the SEC staff will continue
to focus on platforms that offer trading of digital assets and their
compliance with the federal securities laws.” Existing token platforms
were served with subpoenas and voluminous information requests that
are the first step in what will likely be lengthy investigations, at least
some of which can be expected to result in legal action.
In April, the New York Attorney General’s office launched its own
regulatory review of crypto trading platforms.
Prominent offshore
platforms that have already been named as being caught up in the
investigation include: Bi...

The Monetary Authority of Singapore (MAS) has mostly focused
its activity in the space around Anti-Money Laundering regulations.
However, in November 2017, the MAS said securities laws might also
apply to ICOs.
The agency said it could categorize some tokens as
“capital market products” which would be regulated under the country’s
Securities and Futures Act. The agency released some case studies of
tokens and their analysis of whether the token would be a security.
South Korea
China’s crackdown on token exchanges prompted many Chinese
investors to migrate their trading activity to South Korean exchanges.
In January 2018, in an effort to limit cryptocurrency and token trading
activity to adults trading on local exchanges, South Korea banned
foreigners and minors from creating exchange accounts.
The country
also prohibited anonymous accounts. There are rumors that South
Korean authorities, led by their Justice Department, are ...

Glass Roadmap

Q4 2017
ATS license update for over the counter security token trading.

Initial offering of security tokens for Finom to accredited investors.
Q1 2018
Digital Asset Group formed.

SharesPost Singapore and Dubai license application in process.

Internal development of security token marketplace and GLASS smart contracts.
Q2 2018
Internal development of GLASS token.

Internal development of network protocol and blockchain.

Internal development of Settlement Network smart contracts.
Q3 2018
Release of GLASS token for use on Settlement Network and SharesPost Marketplace.

Initial Trade Referrers on boarded to Settlement Network

Beta launch of Settlement Network with SharesPost entities serving as Settlement Provider in U.S., Singapore, and Dubai.

Beta launch of SharesPost Marketplace.
Q4 2018
Full launch of Settlement Network and SharesPost Marketplace.

Begin on boarding additional Settlement Providers and Trade Referrers to network on rolling basis.
Q1 2019
Pilot launch of GLASS Liquidity Pool with 2-3 exchanges.

Q2 2019
Full launch of GLASS Liquidity Pool.

Gregory Brogger
Gregory Brogger CEO & Founder

Jehan Chu
Advisors Jehan Chu

Thomas Lee
Advisors Thomas Lee

Jehan Chu
Jehan Chu
Strategic Advisor
Strategy Advisory
Chief Strategy Officer