A blockchain-powered initial public offering platform, SprinkleXchange preps to list its first company in June, as reported by Bloomberg on May 17.
Alexander Wallin, CEO of Bourse, hopes that over 1,000 companies will join the platform over the next three to four years. Ethereum blockchain will be employed for settlement and clearing, further, the users will be able to trade listed companies and cryptocurrencies 24 hours a day.
As per Bloomberg, SprinkleXchange claims that its blockchain-focused approach will offer savings in terms of time and cost in comparison to traditional stock exchanges as key systems are automated. Wallin told Bloomberg:
“We have the luxury of being first with this, but we’re aware that it will become a crowded market. It’s like moving from VHS to streaming; Netflix did it nicely and was first, but now there are lots of streaming sites.”
SprinkleXchange purportedly encourages companies with a market cap of between $20 million and $200 million to enlist themselves. As per Wallin, so far firms from a broad spectrum including real estate and biotech industries, have expressed an interest. Operating as part of Bahrain’s regulatory sandbox, SprinkleXchange has permission to list a maximum of 10 companies.
Switzerland’s SIX stock exchange also plans to launch a blockchain-powered digital exchange that will be powered by blockchain consortium R3’s Corda Enterprise platform.
Read more:Top Cryptocurrencies Sees Strong Gain On Sunday, Bitcoin Rebounds To $8,000
Image source – Pixabay.com
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