The best regulated crypto exchange
Find out why?
50 BTC prize pool!
Get your share!
I'm in

World Chess to launch digital coin

By Charlotte Ricca

Investors can use coins to buy shares in the company

World Chess has announced plans to launch a digital token to raise funds before floating the company on London's junior stock market.

The company that runs the World Chess Championships said it aims to raise “low millions of euros” before embarking on a “hybrid initial public offering”.

The tokens can be bought by accredited investors in the US and the EU, who can than convert them into shares, or privately trade them.

Shares of World Chess are expected to be floated on London’s Alternative Investment Market next year.

The company’s chief executive and founder Ilya Merenzon said the tokens will use blockchain ledgers to simplify the fundraising process. World Chess has been working with Algorand, an open-source software and blockchain technology company, since July.

Merenzon said the “hybrid IPO” is a pioneering financial innovation that companies will use to raise funds in the future.

He added that the majority of the money would go towards developing an online championship platform as well as anti-cheating software for monitoring online matches.

FURTHER READING: What are cryptocurrency futures?

Like to share your thoughts and ideas about crypto and trading? You could join us as an external author. Email us on [email protected] to find out how you could become a contributor.
Subscribe to news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image