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Beauty Firm Oddity Launches Security Token Dubbed Oddity Token

by Naveed Iqbal
April 28, 2022
in Cryptocurrency
Reading Time: 3 mins read
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The mother or father firm of the well-known magnificence model Il Makiage and Spoiled Little one, Oddity, unveils its digital safety token on the Ethereum blockchain. The corporate has named it Oddity Token. It’s the first-ever non-crypto agency that linked cryptocurrency as a approach for buyers to buy fairness possession of the agency.

This transfer goals to increase the funding alternatives as safety tokens enable personal firms to boost funds earlier than an IPO (Preliminary Public Providing) and get pre-IPO investments.

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Oran Holtzman, the CEO, and co-founder of the Oddity expressed;

By providing this trailblazing token, we’re democratizing investor alternative by broadening particular person entry to Oddity securities, as we proceed to disrupt and redefine the wonder and wellness class.

On the time of IPO, the digital safety token, Oddity Tokens, could be turned into A Class widespread shares of the standard agency. Moreover, digital safety tokens present the good thing about securing key information on blockchain know-how that continues to be encoded and likewise allow platforms to deploy good contracts to carry out particular operations. As per expectations, when this mission reaches its progress, it’ll cascade capital effectivity advantages throughout capital markets.

Furthermore, Oddity makes use of Securitize, accepted by SEC, to challenge its tokens.

Bitcoin value has at the moment surpassed $39,000 after a bearish development. | Supply: BTC/USD value chart from TradingView.com

Oddity Expands Funding Alternatives By way of Safety Token

Safety tokens have the potential to extensively unfold crypto adoption by reaching the mainstream through conventional companies. Merely put, as a result of these tokens are created and traded like cryptocurrencies whereas working as shares or bonds, it extends cryptocurrency entry on the subject of laws.

International CFO at Oddity, Lindsay Drucker Mann, commented,

We consider in a future the place securities should not simply data of possession, but in addition purposeful traces of code. The potential use instances of this know-how are huge, and as a digital and technology-powered firm, we consider we’re particularly well-positioned to assist drive it ahead.

In its earlier funding spherical of the previous January, Oddity raised over $130 million. On the time, its valuation has reached 1.5 billion. Subsequently, the corporate is predicted to go public quickly.

Holtzman said,

“Crypto and blockchain know-how unlocks large alternative for customers and capital markets. With this providing, we’re constructing a brand new bridge to hyperlink conventional markets with the colourful world of digital property, the place the innovation potential is large.”

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If the Oddity holds IPO, the Oddity Tokens might be transformed into the inventory shares, reducing 20% as a reduction on the IPO value. Not solely that, it extra possible will appeal to investments from various capitalists. Accredited buyers can even compensate the mission both with $200,000 per 12 months or 1 million web value.

Because it appears, this transfer makes the funding right into a outstanding conventional enterprise accessible for merchants past institutional buyers. Nonetheless, the token will commerce on the crypto exchanges after the IPO. 

Featured picture from Pixabay and chart from TradingView.com



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Tags: BeautyDubbedFirmLaunchesOdditysecurityToken
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