Blackmoon, a company based in Moscow, Russia, has offered the world's fourth-largest smartphone producer Xiaomi to tokenize its initial public offering, news outlet South China Morning Post reported July 2.Blackmoon, which is a blockchain fintech company that establishes and runs tokenized funds, has reportedly offered Xiaomi to sell digitized tokens for its stock on a dollar-for-dollar basis.
The token price offered by Blackmoon is reportedly linked to the performance of Xiaomi shares.
"The price of the Xiaomi token is determined by the IPO price of Xiaomi's shares, with applicable fees. We only accept crypto, so it would be the equivalent amount in US dollars or Hong Kong dollars."
According to Blackmoon, holders will be able to buy the tokens on a monthly basis.
Blackmoon will trade the Xiaomi stock in the portfolio equal to the value of tokens purchased.
Token holders will subsequently get their investment in digital currency, though Blackmoon is reportedly working on payments options.
Oleg Seydak, Chief Executive at Blackmoon, said that after conducting a poll on social media, it emerged that "Many people said that they are interested in participating in the IPO through tokens."
A Xiaomi spokesman told the South China Morning Post that the token sale offered by Blackmoon had not been yet been approved or endorsed by the smartphone producer, while Vasin declined to disclose the quantity of tokens sold.
The tokens are not available in Hong Kong or mainland China.
Blackmoon is not the first token project that has piggybacked on the name or brand of a well known company.
Russian Firm Offers Smartphone Producer Xiaomi to Tokenize its Forthcoming IPO
Published on Jul 3, 2018
by Cointele | Published on Coinage
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