Categories
Blockchain News

OverFuture launches IPO of tokenised shares on blockchain in Swiss first

Switzerland-based OverFuture SA is said to be the
first Swiss firm that has been allowed to incorporate for an initial public
offering (IPO) of tokenised shares on blockchain.

According to OverFuture’s IPO prospectus, an offering
of 8,399,000 “common equity share security tokens” on the Ethereum blockchain,
with smart contracts provided by with European digital assets exchange, EURO
DAXX, will see the offering price at €1.25 ($1.38) per share.

OverFuture’s adviser, Andriotto Financial Services,
said that IPO of tokenised shares on blockchain indicates a ‘revolution’ for
the finance industry as the technology allows the company to introduce an IPO
and organise secondary market transactions without the involvement of banks,
financial intermediaries, broker-dealers, central depositary systems, notaries,
etc. For now, it is not clear which regulator approved OverFuture’s move, but
according to the prospectus, the company is regulated by the Swiss Financial
Market Supervisory Authority (FINMA).

Recently Bitcoin Suisse, another Swiss financial and
crypto services firm, announced that it is backing the municipality of Zermatt in accepting Bitcoin as payment for local
taxes and official transactions. After Zug, Zermatt is the second town in the
country to accept cryptocurrency as official means of payment.

The company has provided a point-of-sale (POS) solution that has been installed in the town hall, which allows taxpayers to pay their taxes at a communal level using the digital currency. But before making their payment, the taxpayers have to apply to the Zermatt Tax Office for a crypto payment solution prior to access the online payment solution through an e-mail link and transfer bitcoins directly from the crypto wallet.

Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.

The post OverFuture launches IPO of tokenised shares on blockchain in Swiss first appeared first on The Block.

Read the original post: OverFuture launches IPO of tokenised shares on blockchain in Swiss first

Leave a Reply

Your email address will not be published. Required fields are marked *