Monday, July 15, 2024
HomeNewsSwiss company Overfuture To Offer Tokenised Equity Crowdfunding (Security Token Offering)

Swiss company Overfuture To Offer Tokenised Equity Crowdfunding (Security Token Offering)

According to a news release from advisory firm Andriotto Financial Services, Swiss company Overfuture has been approved to list the first articles of incorporation hosted on the blockchain in Switzerland. Overture will list class A shares hosted on blockchain as they tokenize their Initial Product Offering (ICO), and furthermore, onto secondary trading of the digital asset.

According to Coindesk who received the press release,  the firm’s IPO prospectus indicates an offering of 8,399,000 “common equity share security tokens” on the ethereum blockchain, with EURO DAXX providing the smart contracts. The offering price will be €1.25 ($1.38) per share.

“…a huge revolution for the financial industry because blockchain allows [the firm] to launch an IPO and organize secondary market transactions without the involvement of many traditional players as: banks, financial intermediaries, broker-dealers, central depositary systems, notaries, etc.,” stated Andriotto Financial Services in the release.”

The company is using the Ethereum Blockchain and the smart contracts provided by EURO DAXX – the European Digital Assets Exchange based in Zug, Switzerland.

As reported in Blockchain News, Dutch company NXchange was likely the first company globally to tokenise an IPO (let’s call it tokenized equity crowdfunding) for Startupbootcamp raising some €2.3 million in security tokens in early December 2019, fully licensed by the Netherlands Ministry of Finance, approved by the Netherlands Authority for the Financial Markets (AFM) and Dutch Central Bank and in partnership with Rabobank – the second-largest bank in the Netherlands and among the 30 largest financial institutions in the world.

Richard Kastelein
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
- Advertisment -spot_imgspot_img

Most Popular

Latest News