Swiss company Overture for the first time will conduct an IPO on the Ethereum blockchain
Swiss regulators approved Overture’s blockchain plan for an initial public offering (IPO) based on Ethereum. It will be the first precedent of an IPO on the blockchain.
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Overture will offer investors ordinary sharesClass A on the Ethereum blockchain, where the shareholder register will be hosted. This will be possible thanks to the use of smart contracts provided by the European Digital Contract Exchange (EURO DAXX).
The press release emphasizes that the IPO on the blockchain will be different from other placements of securities:
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“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 Garlinghouse (BradGarlinghouse) said that this year IPOs will become much more popular in the cryptocurrency industry. It is possible that startups in the field of blockchain will issue their shares directly on decentralized networks.
source: https: //bits.media/shveytsarskaya-kompaniya-overture-provedet-ipo-na-blokcheyne-efiriuma/
As we see, Switzerland continues its bestfinancial traditions! It still remains a financial haven, despite its tarnished reputation over the United States. In this country they know how to make money and what can be offered exclusive to their customers! All governments need to learn from her how to raise capital!