MENA NewsPlatform news

Global Ethereum based decentralized stock exchange to launch in Bahrain

Sprinkle Exchange is inviting all to be the first to use its platform as it launches operations this month in Bahrain. As per their website, the Ethereum based SprinkleXchange is the first digital assets platform licensed for decentralized clearing and settlement. The platform’s blockchain technology enables instant settlement on all trades.

Based in Bahrain The IPO exchange, run by New York-based Sprinkle Group SA, CEO, Alexander Wallin said, “ SprinkleXchange has received approval to work under Bahrain central bank’s regulatory sandbox. In a CoinDesk interview in May Alexander Wallin, chief executive officer of Sprinkle Group SA, stated that he expects it can become home to as many as 1,000 companies over the next 3 to 4 years. “We have the luxury of being first with this, but we’re aware that it will become a crowded market,” It’s like moving from VHS to streaming; Netflix did it nicely and was first, but now there are lots of streaming sites.”

The exchange is targeting companies with a market cap of $20 million to $200 million, and has received interest from all types of sectors, including real estate, forest and biotech firms, according to Wallin. It’s seeking companies that have a global customer base and an investor group with knowledge of the new technology. It is expected to list 35 companies in the next 12 months.

Users will get to trade both listed companies and cryptocurrencies around the clock, according to the CEO, who says SprinkleXchange is also looking at listing exchange-traded funds.

He adds, “Prices will be set through a Dutch auction method, while the company will charge a 1 percent listing fee. “The cost is about the same as when you list on a Swedish stock exchange, but you get global access and we can show that you also get better liquidity,” he said.

News Desk

Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)

Related Articles

Back to top button