CoinOffering Becomes First Company to Issue Shares in Ethereum Blockchain

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The world’s first company offering shares issued as Ethereum tokens has been registered in the Marshall Islands. Unlike its predecessors, it functions both in the virtual and in the legal fields.

According to the new company CoinOffering, now legally registered companies will be able to carry out many functions (share distribution, paying out dividends, voting) through an Ethereum smart contract.

The open source code for this smart contract and texts of the company’s legal documents are kept on GitHub, and those who want to create similar companies are invited to use them. Moreover, CoinOffering is ready to offer them legal and technical support,  writes Lyudmila Brus from Coinfox:

“CoinOffering is a real revolution in the blockchain world. We have managed to do something many other companies had tried to achieve – to bring together the legal and the technical worlds. Buying the tokens, you are purchasing real shares in the company and receive all shareholders’ privileges. We make IPO for companies cheaper and offer wide possibilities for crowdfunding on a unique exchange,” says Ivan Starinin, the company’s CEO.

CoinOffering explains that smart contracts help to create a register of shareholders which provides instant purchase and transfer of shares, it ensures transparent voting and makes it possible to automatically pay out dividends. The project provides conflict resolution through international commercial arbitration.

“We neutralise the main disadvantages of an offshore company – nontransparency, the lack of efficient dispute resolution mechanisms while maintaining its advantage – the tax-exempt status,” says the company’s CCO Viktor Ageyev.

In the future, the company plans to launch its own trading platform that would enable companies to raise money via crowdfunding or angel investment.

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.