{"id":242443,"date":"2021-05-05T11:03:23","date_gmt":"2021-05-05T08:03:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/swedish-crypto-brokers-ipo-oversubscribed-by-1200\/"},"modified":"2021-05-05T11:03:23","modified_gmt":"2021-05-05T08:03:23","slug":"swedish-crypto-brokers-ipo-oversubscribed-by-1200","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/swedish-crypto-brokers-ipo-oversubscribed-by-1200\/","title":{"rendered":"# Swedish crypto broker’s IPO oversubscribed by 1,200%"},"content":{"rendered":"

“# Swedish crypto broker’s IPO oversubscribed by 1,200% <\/strong>”
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Safello, a Stockholm-based cryptocurrency brokerage, is seeing massive demand from investors for its upcoming initial public offering on the Nasdaq First North Growth Market.<\/p>\n

The company said Wednesday that its planned IPO was oversubscribed by 502 million Swedish krona ($59.3 million), up 1,240% from the planned 40.5 million krona ($4.8 million), Reuters reports<\/a>.<\/p>\n

Safello CEO Frank Schuil said that the company expects its listing on the Nasdaq First North Growth Market in Stockholm on May 12. The exec told Cointelegraph that the allocation rules were set in the prospectus and Safelo followed those rules. “Our approach has been to create the widest distribution after pre-subscript<\/a>ion in the spirit of decentralized ownership,”\u00a0Schuil said.<\/p>\n

\u201cSafello will continue to follow its roadmap. The listing on Nasdaq First North opens new venues for growth that we will pursue. Specifically M&A, product expansion and geographical expansion,\u201d he said.<\/p>\n

Founded in 2013 in Sweden, Safello is an online crypto brokerage offering to buy and sell cryptocurrencies like Bitcoin (BTC). The company is regulated as a financial institution with the Swedish Financial Supervisory Authority and is backed<\/a> by major players in the crypto industry including Barry Silbert\u2019s Digital Currency Group. Safello initially announced its IPO plans in December 2020.<\/p>\n

Many in the crypto space predicted that 2021 would be the year crypto companies started going public. Coinbase, the United States\u2019 largest crypto exchange,\u00a0listed on Nasdaq Global Select Market in mid-April. Major European crypto asset manager CoinShares\u00a0debuted<\/a> on the Nasdaq First North in March.<\/p>\n