The Swedish cryptocurrency exchange BTCX is preparing for an upcoming stock exchange listing. This comes as the company has already conducted a substantial funding round. Moreover, observers note that this could serve to legitimize the entire sector.
Crypto exchange BTCX hopes for an IPO before summer
BTCX is Sweden’s oldest cryptocurrency company, and is a part of Goobit Group. According to a recent statement by the firm, it will seek to be listed on the stock market in the coming months. The CEO of Goobit Group, Oskar Söderström, commented on the recent news that BTCX will now seek an initial public offering during the first half of this year.
”Our assessment is that we have very good conditions for a stock exchange listing. We aim to have this [stock exchange listing] ready as soon as possible. Our hope is [that it will be ready] before summer.”
BTCX has been working together with Eminova Partners in order to realize the stock exchange listing. With that said, however, it is still somewhat unclear as to what exchange BTCX will be listed on.
Moreover, BTCX recently completed a funding round of 15 million Swedish crowns (roughly €1.5 million). As such, BTCX has already got access to substantial funds for its continuing operations. This upcoming stock exchange listing will also provide another source of capital for the BTCX.
According to a recent interview by Trijo News, this cash will be most helpful when it comes to improving the service for customers. Furthermore, in the interview Söderström goes on to hint that BTCX could soon expand to new markets:
”We have an internal plan that we and our partners are aware of. Without being too specific, this mainly relates to lowering the thresholds [for new users] and simplifying the service for our customers […] A future plan for new markets with associated acquisitions is not out of the question either.”
BTCX’s stock exchange listing could help legitimize the industry
However, BTCX will not be the first Swedish cryptocurrency company to be listed on the stock market. Last year, QuickBit – a company which helps e-tailers accept cryptocurrency payments – was listed on the Nordic Growth Market exchange.
Following this, QuickBit’s stock rallied by almost 500%. Although it’s naturally not certain BTCX’s stock price will increase as dramatically, it will nonetheless certainly be interesting to watch. Additionally, this stock listing will likely serve to legitimize the cryptocurrency sector.
Although the blockchain and cryptocurrency sector has been growing rapidly for the last few years, it still faces some transparency issues. Hopefully, this stock exchange listing will serve to provide increased transparency and reduce uncertainty for the entire industry.
This is something that was alluded to in a comment by the well-known YouTube blockchain educator Ivan on Tech, in a comment regarding BTCX’s upcoming initial public offering.
”I’ve been following BTCX for a while, and have also cooperated with them. As such, it is really exciting to see BTCX take this huge leap. This is an amazing development for the entire European cryptocurrency market, as publicly traded companies legitimize the industry as a whole.”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.