A German crypto startup plans to use the blockchain to launch a platform, according to information obtained by finews.com. The stop shows how important Switzerland has become for the fledgling fintech industry.
New colleagues for Daura and Mt Pelerin: Blockstate will launch a token platform on Thursday and use the platform to sell stakes in the firm through a so-called security token offering (STO) on June 18, 2019.
The company, which has its seat in Zug and a branch in Berlin hopes to generate about 2 million euros ($2.25 million) to finance its further developement, according to information obtained by finews.com.
Patrick Storchenegger, member of the Ethereum Foundation, is helping Blockstate with its security token offering, the firm said.
Lower Barriers for Small Companies
The plan is also intended to show small- and medium-sized companies how they can easily gain access to capital markets to organize funding – the tokenization is lowering the barriers for issuers of tokens and investors alike. With this project, Blockstate is becoming a rival for Daura, the Swiss blockchain share, which, among others, is backed by telecommunications giant Swisscom.
The eco-system built around Daura also involves the German stock exchange, which hopes to use the experience it gains from the Swiss experiment in the European market.
