The firm’s IPO prospectus indicates an offering of 8,399,000 «common equity share security tokens» on the ethereum blockchain, with smart contracts provided by with EURO DAXX, a digital assets exchange based in the country’s «Crypto Valley,» Zug. The offering price will be €1.25 ($1.38) per share.
In what’s being called a first for Switzerland, a company has been allowed to incorporate for an IPO offering of tokenized shares on a blockchain.
In a press release Wednesday, the firm’s adviser Andriotto Financial Services said that Coldrerio, Switzerland-based Overfuture SA’s articles of incorporation directly reference «the digital nature of the shares (tokens) and the use of the blockchain as the technology to keep the shareholders registry.»
Andriotto Financial Services said the news promises «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.»
It is not stated which regulator approved the company for the digital IPO, however the prospectus states that Overfuture is regulated by the Swiss Financial Market Supervisory Authority (FINMA). CoinDesk has reached out for clarification.
Overfuture has no commercial activities of its own, but focuses on the «strategic objectives and funding» of its Italian subsidiary, WEL s.r.l., –»a software company, specialized in the digitalization of processes by means of IoT, wearable and digital signage technologies,» according to LinkedIn.
Sweden’s Central Bank to Partner with Accenture to Launch E-Krona
Sweden’s central bank is planning plans to create a pilot platform for a digital currency known as the e-krona.
While Switzerland took a negative stance towards a central bank digital currency (CBDC) earlier today, with its government claiming that it could do more harm than good, Sweden is starting to explore the potential benefits of e-krona, Reuters reports Dec. 13.
Riksbank eyes partnership with Irish professional services firm Accenture
According to the report, Riksbank, Sweden’s central bank, said that it would partner with Irish professional services company Accenture to create a pilot platform for a digital currency dubbed the e-krona.
By initiating the move, the Riksbank aims to bolster its knowledge about the potential of the digital currency as the bank reportedly said:
“The primary objective of the e-krona pilot project is to broaden the bank’s understanding of the technological possibilities for the e-krona.”
Head of the Riksbank previously deemed Libra as an “incredibly important catalytic event”
As noted in the report, the Riksbank has been looking closely at whether it should issue a digital currency, as the use of cash has declined sharply in Sweden in recent years.
Indeed, the Riksbank appears to have been closely observing the issues surrounding digital currencies so far. In mid-October, the head of Sweden’s Riksbank considered Facebook’s Libra stablecoin project an “incredibly important catalytic event.” Riksbank Governor Stefan Ingves noted that such initiatives trigger the world’s central banks to ready themselves for digital transformation.
The news comes against the backdrop of Switzerland, which is the homeland to the Crypto Valley Association, abruptly shutting down the idea of issuing a digital Swiss franc earlier today. As reported by Cointelegraph, the Federal Council concluded that a CBDC cannot meet expectations for payment efficiency, effective monetary policy, and a more stable financial system.