Blackmoon Offers Xiaomi to Tokenize its Forthcoming IPO
Blockchain ApplicationsNews

Blackmoon Offers Xiaomi to Tokenize its Forthcoming IPO

Xiaomi, the world’s fourth-largest smartphone producer was offered to tokenize its initial public offering (IPO) by Blackmoon, a company based in Cyprus.

Blackmoon is a blockchain fintech organisation that initiates and runs tokenized funds, has supposedly offered Xiaomi to sell digitized tokens for its stock on a dollar-for-dollar premise. The payment alternatives could include Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC). Blackmoon will apparently apply the income to buy into Xiaomi’s $4.7 billion IPO in Hong Kong, which will initiate July 9 on the Hong Kong stock trade.

Xiaomi set the price of its share at HK$17 ($2.16) each after last week upon the expiry of a four-day offer period to retail investors that saw its share overbought by 8.5 times. This evaluates the smartphone manufacturer at $54 billion, which is half the first looked estimation of $100 billion. The price of the token is offered by Blackmoon is purportedly connected to the execution of Xiaomi shares. The Chief Operating Officer at Blackmoon, Sergey Vasin said:

“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.”

As per them, holders will have the capacity to purchase the tokens on a month to month premise. After reclamation, it will exchange the Xiaomi stock in the portfolio equivalent to the value of tokens bought. Subsequently, token holders will get their investment in the form of digital currency, however, Blackmoon is apparently working on payments options. The Chief Executive at Blackmoon, Oleg Seydak said that in the wake of gathering information via social media, it developed that “many people said that they are interested in participating in the IPO through tokens.”

A Xiaomi representative told the South China Morning Post that the token deal offered by Blackmoon had not been yet been affirmed or supported by the cell phone maker, while Vasin declined to uncover the number of tokens sold. The tokens are not accessible in Hong Kong or mainland China.
Follow us on Telegram!

Leave a Response

Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.