Swiss-Based Blockchain Firm Receives Approval To Launch Blockchain-Based IPO

According to reports, authorities in Switzerland has given the green light for a fully regulated initial public offering (IPO) to be run on a blockchain. Per a press release, Overture, a blockchain firm in Switzerland, is now allowed to sell ordinary class-A shares to interested investors.
Overture will make the offering using smart contracts from the European Digital Assets Exchange (EURO DAXX) and the offering will be fully powered by the Ethereum blockchain.
The press release states that Overture is being advised by Andriotto Financial Services. It also states a difference between the IPO and other security offerings. Explaining this difference, the publication says:
“The company has approved the first Swiss articles of incorporation that directly states the digital nature of the shares (tokens) and the use of the blockchain as the technology to keep the shareholders registry; meaning that 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.”
The company expects that an offering like this will be a revolution for the financial industry. It explains that this is because launching an IPO on a blockchain helps cut out unnecessary middlemen such as banks and broker-dealers.
A few days ago, a major Swiss bank announced a new service allowing customers to trade crypto.

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