LONDON, United Kingdom – World Chess announces its IPO for the year 2020 on Friday, which is called a “Hybrid IPO.”
World Chess, an online gaming and media company, plans to issue digital coins before floating stocks in the market. This statement is part of its IPO. According to the announcement, the security coins of World Chess are available for trade to all qualified depositors in the European Union and the United States.
With digital tokens, private shareholders are given with the timely ownership of the shares of the company. Those stakes can be altered into common shares when the IPO occurs. These shares can also be privately transacted between recognized dealers.
Ilya Merenzon, the company’s CEO, stated that the Securitize is the company that was charged for overlooking the coin sale. It will monitor that all the purchasers should be qualified by the company to fulfill guidelines.
As per the company, the stakes of World Chess should be on-float in 2020, on the Alternative Investment Market (AIM) of London. However, the exact time is still indefinite. Merenzon stated before that World Chess will issue security coins, which are a virtual illustration of equity at “hundreds of dollars” to everyone. Moreover, it’s for the utilization of the blockchain technology of Algorand, which is a company from Boston.
Merenzon shared in the press release that the Hybrid IPO could be an example of new technologies. It aims to be utilized more in fundraising. He also stated that the IPO was an innovative financial modernization. Furthermore, he added that many companies would use this IPO in the future to increase funds.
The IPO plans of the World Chess company are not new in the realm of gaming and sports platforms. There are a lot of different sports presenters these days, as well as gaming boards. These platforms decided to make their stake public.
The ICOs are not controlled in most of the economies of the world. Nonetheless, the company managed to earn more than $3.8 billion in a year.
Controversies followed wherein scammers and hackers in cryptocurrency made over $2 million, and the incident happened after using a fake ICO.
Merenzon stated that World Chess is breaking even succeeding in an investment period. As per Crunchbase, this company raised $6 million in the recent backing round in May. The funding came from Igor Rybakov, the co-owner of Technonicol and a Russian billionaire, and the venture company Prytek.