Altcoin News: First Tokenized IPO Launched Today

September 10, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Seychelles Stock Exchange (MERJ) launched the sale of tokenized securities representing its own shares.

Starting today, shares will be available on MERJ’s own exchange platform, as well as through the Jumpstart broker-dealer, Prime Trust cryptocurrency custodian and the Globacap fundraising platform.

During the IPO, MERJ will issue 1,652,893 new shares to represent the site’s own assets at a price of $2.42 per share in order to raise $4 million to finance its expansion. Shares were tokenized on the Ethereum open blockchain. MERJ CEO Edmond Tuohy 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.”

Just over a month ago MERJ became the first national stock exchange, which contributed to the listing tokenized security for trade. At the time, the company said it had decided to use Ethereum to register ownership of shares because it is currently “the best-supported protocol for this purpose.”

Based in Seychelles, MERJ works with issuers from North America, Europe, Asia, Australia and Africa. The exchange is licensed by the Indian Ocean Financial Services Authority as a securities exchange, clearing agency and securities depository (CSD).

Author: Marko Vidrih