Swiss company Overture for the first time will conduct an IPO on the Ethereum blockchain

Swiss regulators approve Overture blockchain plan for IPO) based on Ethereum. It will be the first precedent of an IPO on the blockchain.

Overture will offer common shares to investorsclass A on the Ethereum blockchain, where the register of shareholders will be located. This will be possible through the use of smart contracts provided by the European Digital Contracts Exchange (EURO DAXX).

The press release emphasizes that the IPO on the blockchain will be different from other placements of securities:

“The company received the first in Switzerlandconstituent documents, which directly indicate the digital nature of shares (tokens) and the use of blockchain as a technology for maintaining the register of shareholders. It is possible to own a part of the company only when transferring tokens on the blockchain and only the possession of such tokens can confirm your status as a shareholder. ”

According to representatives of Overture and financialconsultants from Andriotto Financial Services, the use of blockchain will help increase market efficiency, speed up transactions and reduce the number of intermediaries. When buying and selling shares, there will be fewer intermediaries like banks, brokers, depositories, notaries and other financial intermediaries.

Recently, Ripple CEO Brad GarlinghouseGarlinghouse) stated that IPOs will become much more popular in the cryptocurrency industry this year. It is possible that blockchain startups will issue their shares directly on decentralized networks.

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