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.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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