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- HCS Pharma on Thursday announced plans to sell security tokens on the European Digital Assets Exchange.
- This is the first example of a non-crypto company offering “pre-IPO” tokens to investors.
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HCS Pharma became the first non-crypto company to offer “pre-IPO” tokens to investors on Thursday as the company launched a securities sale on the European Digital Assets Exchange (EDSX).
The French biotech is raising funds before going public on the Frankfurt Stock Exchange in a traditional initial public offering (IPO) later this year, according to a statement from EDSX.
Prior to this IPO, the company is selling crypto tokens that represent a Simple Agreement for Future Equity (SAFE). These tokens give holders the right to receive a 20% discount off the list price of the actual IPO.
According to the , over 2 million tokens with a total value of 2.1 million euros (2.2 million US dollars) have been sold so far EDSX website. That is almost 30% of his €7 million goal.
EDSX is based in Zug, Switzerland and was founded in 2019. It is one of the first security token exchanges and this month completed the compliance process to provide a secondary market for security tokens in Switzerland, scheduled to open in Q3 2022.
© 2022 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or intended to be relied upon as legal, tax, investment, financial or other advice.
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