World Chess to launch digital coin

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?

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image