Swiss Company to Conduct $11.5 Million IPO on Blockchain

• Overfuture SA to launch a USD 11.5 million IPO on the Ethereum Blockchain via Euro DAXX

The Swiss Company Overfuture SA has announced that they are conducting an initial public offering (IPO) using blockchain technology. Essentially, 8,399,000 common equity share security tokens will be generated on the Ethereum blockchain, with each token being worth USD 1.38, yielding a total IPO value of just over USD 11.5 million.

The IPO will be hosted on Euro DAXX, which is a digital asset exchange that is based in Zug, the “crypto valley” of Switzerland.

The advantage of using blockchain for an IPO is Overfuture SA can organize secondary market transactions without the involvement of any banks, financial intermediaries, broker-dealers, central depository systems, or notaries. Basically, the blockchain can already easily be used to perform secondary market transactions, saving Overfuture SA money and time.

Perhaps if this IPO is successful, it will start a trend where similar offerings are commonly conducted on the blockchain, lowering the barrier for entry for them, since using blockchain for raising funds this way is more efficient. Also, a whole industry of blockchain-based IPO exchanges could spring up worldwide.

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Swiss Company to Conduct $11.5 Million IPO on Blockchain appeared first on BitcoinNews.com.

from BitcoinNews.com RSS Feed
via TOday BItcoin New