State Stox Enables New York State Residents to Invest Locally - Dealing Only in New York Companies - Helping NY Businesses Recover from the Pandemic
New Platform Trades Securities Exclusively in the Form of Digital Tokens Using Blockchain Technology
NEW YORK, NY / ACCESSWIRE / September 1, 2021 / As nearly one-third of small and mid-sized businesses in New York, about 260,000 companies, were adversely impacted by the pandemic and many closed their doors in recent months, today State Stox NY unveiled its new single dealer market providing liquidity to securities that are quoted on its electronic trading platform. The system enables New Yorkers to invest in local businesses supporting their communities. The new venue comes at a time when the Covid-19 pandemic has made clear the importance of "Buy Local" campaigns as more residents recognize that healthy local business can strengthen the economies of local communities.
"State Stox taps into New York's large base of over 100,000 active investors - more investors than most states. This home-state investor base is an under-utilized resource," said Chip Daniels, Chairman of State Stox. "State Stox's mission is to help New Yorkers invest locally. We make it easy to buy stocks of New York State companies."
This historic event will take place at State Stox's new trading center at Rockefeller Center, 3 West 51st Street, at 9:00 a.m. on October 12th, 2021. New York State Senator Martucci, ranking member of the New York State Senate Committee on Commerce, Economic Development and Small Business will ring the opening bell on the first day of trading along with other special guests who will speak about small business and New York's economic development.
Senator Martucci added, "State Stox is leveling the playing field for New York businesses and restoring capital to communities that were ravaged by the pandemic. Recovery from the pandemic requires innovative thinking like that at State Stox. I believe properly capitalized New York businesses have a bright future."
The opening day event will kick off with a speech by Professor Thomas Sargent, a Nobel prize-winning economist who teaches at New York University and is a fellow at Stanford University. Professor Sargent is an expert on rational expectations in economics and has studied marketplaces and the efficient allocation of resources. He said, "State Stox is an interesting and worthwhile endeavor and has potential to be a model for state and local economic development."
New Yorkers who want to invest in their communities now have an advantage because the State Stox NY Trading Platform will only deal in New York businesses and allow only New York residents to invest. As local businesses lost tens of billions in equity capital in recent months, State Stox will be instrumental in helping many to revive after hard times due to Covid 19. State Stox expects to make a single dealer market in securities of over 50 New York companies within one year.
State Stox intends to provide a powerful engine for economic development in New York by enhancing access to capital for New York State companies. New York State residents now can allocate a portion of their investment portfolio to local companies and State Stox will be their first stop for local investing. Until now, investors have been hesitant to buy certain securities because of their limited liquidity. According to State Stox, it is estimated that if all New York State investors allocated just three percent of their portfolio to local investing, it could provide nearly $50 billion to New York companies.
"State Stox enables New York Companies to raise capital and it provides investors with opportunities they never had before. It's all possible using our high-tech electronic trading platform," added Daniels.
Due to Covid restrictions, only 150 people can attend, and the event will therefore be by invitation only. The first ten investors who open trading accounts before opening day will be invited to the event. Only New York residents over 18 years-old can open an account. Accounts can be opened with brokers who refer investors to State Stox.
About State Stox Group
State Stox Group is a fintech company that provides core financial infrastructure crucial to community investing. Its trading platform is fully digital and utilizes blockchain technology based on the Ethereum protocol. The company's subsidiary, State Stox (NY), operates a dealer trading venue that provides liquidity exclusively to investors in securities issued by New York businesses. For more information, go to www.statestox.com
Media Contact:
Josh Eichenbaum
Caliber Corporate Advisers
203-974-3645 (m)
[email protected]
SOURCE: State Stox