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Launch of First Ever Blockchain-Based IPO on National Stock Exchange

September 11, 2019 at 1:29 AM | By Jit Sutradhar News

Today marks the launch of what is probably the first initial public offering (IPO) based on blockchain, with the Seychelles national stock exchange selling tokenized shares in its assets to investors around the world.

At 09:00 UK time (08:00 UTC), the shares will be available on the MERJ exchange platform itself, as well as through the Jumpstart broker and crypto custodian Prime Trust, both based in the US . UU. The Globacap fundraising platform, MERJ told CoinDesk exclusively.

The IPO sees MERJ issuing 1,652,893 new shares at a price of $ 2.42 per share, with the goal of raising $ 4 million to finance its expansion. The sale values ​​the company at $ 25 million, the company said.

The actions are tokenized in the public blockchain ethereum.

Edmond Tuohy, CEO of MERJ Exchange, said:

“These novel financial instruments are here to reshape the financial industry for years to come. MERJ provides the regulatory framework necessary for investors globally to access these markets in a safe and compliant manner.”

A little over a month ago, CoinDesk reported that MERJ had become the first national stock exchange to offer symbolic security.

The company said at the time that it had chosen to use ethereum to register ownership of the shares because at this time “it is the best compatible protocol for these purposes.”

While in Seychelles, MERJ hosts transmitters from North America, Europe, Asia, Australia and Africa. It is licensed by the Financial Services Authority of the Indian Ocean nation as an exchange of securities, clearing and securities deposit (CSD) agency.

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This article is republished from coindesk.com. If you have any questions, objection or any other matter you can contact us. Thank you for visiting our website.

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