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.