Swedish Crypto Exchange BTCX Plans IPO in 2020

Swedish Crypto Exchange BTCX Plans IPO in 2020 1

One of the oldest cryptocurrency exchanges in Scandinavia wants to go public later this year, hoping it will enable traditional investors to participate in “new finance.”

Oskar Soderstrom, CEO of Stockholm-based BTCX, confirmed to CoinDesk that they are looking to deliver an initial public offering (IPO) before the end of Q3 2020. Corporate financial advisory firm Eminova Partners has been engaged to help file the offering, expected to take place in Sweden.

“Our aim is to bring bitcoin to the masses and to bridge the gap between new and traditional finance,” Soderstrom wrote in an email. “Being in new finance, a listing of the company via a traditional route feels like a natural progression to achieve that goal.”

Established in 2013, BTCX supports trading in bitcoin and ethereum, with the Swedish krona and the euro as fiat funding options. It also features an ‘express’ exchange facility, enabling transfers between digital and fiat currencies that complete in a matter of minutes. Users have to complete KYC/AML checks before they can use the firm’s services.

Following the collapse of the ICO market in 2018, cryptocurrency companies have increasingly turned to more traditional means to raise funds. IPOs, which are heavily regulated and generally accessible to most forms of investors, allow companies to broaden their appeal and enhance their reputation among more skeptical elements of the financial world.

“Choosing a traditional route could add additional transparency to an industry traditionally shaded in the eyes of the public,” Soderstrom said. With blockchain-based alternatives still in a phase of “immaturity,” he added, a public offering would also satisfy any concerns raised by Sweden’s chief financial regulator, the Finansinspektionen (FI).

There are some disadvantages to taking the IPO route, however. Investors can still lose money, as when the share price for cryptocurrency mining rig maker Canaan dropped 40 percent weeks after an IPO raised $90 million. Similarly, Chinese mining giant Bitmain had to step back from plans for an IPO in Hong Kong after profits dropped precipitously in the latter part of 2018.

Despite this, Soderstrom is confident that if managed correctly the BTCX IPO will be a success. “We believe the traditional financial markets will be very interested in Sweden’s older crypto broker being listed,” he said.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin37,021 1.78 % 0.20 % 12.68 %
Ethereum2,476.4 1.13 % 2.44 % 21.79 %
Tether0.9956 0.08 % 0.37 % 0.44 %
Binance Coin377.24 3.18 % 1.84 % 20.03 %
USD Coin0.9997 0.84 % 0.84 % 0.01 %
Cardano1.090 3.55 % 3.41 % 26.03 %
XRP0.6291 3.58 % 3.41 % 16.41 %
Solana94.03 4.85 % 1.26 % 33.61 %
Terra59.77 2.02 % 4.62 % 25.77 %
Polkadot18.38 3.32 % 1.94 % 26.81 %

Bitcoin (BTC) $ 37,051.00
Ethereum (ETH) $ 2,514.57
Tether (USDT) $ 0.998414
Binance Coin (BNB) $ 377.32
USD Coin (USDC) $ 1.00
Cardano (ADA) $ 1.09
XRP (XRP) $ 0.624687
Solana (SOL) $ 94.20
Terra (LUNA) $ 61.14
Polkadot (DOT) $ 18.40