- Swiss regulator granted permission to the company Overture to launch the first IPO on the Ethereum blockchain.
- The regulator determined the nature and use of the token to be used in the IPO.
Overture, a Swiss company received approval from the Swiss regulator to launch the first initial public offering (IPO) of common shares on the Ethereum blockchain. According to the press release, this is an important for the cryptocurrency industry:
This might be a huge revolution for the financial industry because blockchain allows 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.
In addition, the company has highlighted the advantages of using the Ethereum blockchain and decentralizing the clearing and settlement functions with smart contracts. This will separate Overture’s IPO from other similar products. Overture also expects to improve the IPO operation in three ways: cost, time and direct sales. The shares will be issued as ERC-20 tokens on the Ethereum blockchain:
the transfer of the company ownership can be achieved only with a transfer of the tokens on the blockchain and only the ownership of the token can give the status of shareholder.
Overture, the Swiss company, uses the services of Andriotto Financial and has used the smart contracts of the European Digital Assets Exchange. The company has also provided the address where the IPO shares can be viewed. At the time of publication, the IPO’s OVF token is priced at $0 USD. At the same time, it has a supply of 3,232,638 OVF and 6 registered holding addresses.
Swiss companies are innovative
The Amun AG announced the launch of its eleventh Bitcoin ETP (Exchange-traded Product) on 22 January this year. Like Overture, Amun AG aims to offer an innovative alternative that will stand out from other financial products. Therefore, the new ETP will allow investors to secure “short” positions while the other ETPs until now only allowed investors to take a “long” position.
As stated in the official announcement, the Amun AG product will be the first reverse ETP product of its kind. With the 21Shares Short Bitcoin ETP, investors can immediately and safely bet on the falling Bitcoin price.
Hany Rashwan, Chairman of the Board of Directors of Amun AG said:
We’ve worked hard to be able to offer the first reverse Bitcoin ETP on a regulated market here in Switzerland.
The Ethereum price trades at $176.02, at the time of publication, with a 2.35% gain in the last 24 hours.