Swedish cryptocurrency broker IPO has almost 1,200% overuse

Safello, a Stockholm-based cryptocurrency broker, submits massive investor demand for its next IPO on the Nasdaq First North Growth Market.

The company said that Wednesday The overstrain for the future IPO was SEK 502 million (USD 59.3 million), 1,240% more than the expected SEK 40.5 million (USD 4.8 million).Reuters reports.

Frank Schuil, CEO of Safello, said the company expects to be listed on Nasdaq First North Growth Market in Stockholm on May 12th. The executive told Cointelegraph that The allocation rules were set out in the prospectus and Safello followed these rules. “Our approach was to create the widest distribution after the advance subscription in the sense of decentralized ownership,” said Schuil.

Swedish cryptocurrency broker IPO has almost 1,200% overuse
Swedish cryptocurrency broker IPO has almost 1,200% overuse

“Safello will continue to follow its roadmap. Listing on Nasdaq First North opens up new growth opportunities that we will pursue. Specifically, mergers and acquisitions, product expansion and geographic expansion“pointed out.

Safello, founded in Sweden in 2013, is acOnline cryptocurrency broker who offers to buy and sell cryptocurrencies such as Bitcoin (BTC). The company is regulated as a financial institution by the Swedish Financial Supervisory Authority and is supported by key players in the cryptocurrency industry, including Barry Silbert’s Digital Currency Group.. Safello initially announced its IPO plans in December 2020.

Many in the crypto space predicted that 2021 would be the year cryptocurrency companies went public.. Coinbase, the largest cryptocurrency exchange in the US, was listed on the Nasdaq Global Select Market in mid-April. Major European crypto asset manager CoinShares debuted on Nasdaq First North in March.

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