May 20, 2019 15:56 UTC
May 25, 2019 at 15:13 UTC
Blockchain Powered SprinkleXchange To Launch First Company For IPO In June
There is a new blockchain-powered initial public offering platform in the market, and its called SprinkleXchange. The platform is all set to list its first company in June, according to a Bloomberg report on May 17.
The platform runs on the Ethereum blockchain and will allow its users to trade listed companies and cryptocurrencies 24 hours a day. It is to be primarily used for settlement and clearing.
Alexander Wallin, SprinkleXchange’s CEO, said that he expects up to 1,000 companies to join the bourse over the next three to four years.
SprinkleXchange has proudly advocated how blockchain technology has set their platform apart in terms of efficiency and costs. It claims that because of its blockchain driven technology, it saves a lot of time and cost as opposed to traditional stock exchanges.
Another stock exchange in Switzerland’s called SIX has similar plans. They too are planning to establish a blockchain-powered digital exchange, which will be operated by the blockchain consortium, R3’s Corda Enterprise platform.
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.”
The platform is operating as part of Bahrain’s regulatory sandbox, and currently it has permission to list a maximum of 10 companies.
SprinkleXchange is prompting companies with a market cap of between $20 million and $200 million to consider listing with the platform.