Lykke Develops 1-year Forward Offering for Cryptocurrency Market
Lykke, a Swiss fintech company on course to become one of the world’s first regulated marketplaces built on cryptographic technology, has announced the launch of its proprietary 1-year forward offering to be officially unveiled on February 9th 2017 at a Lykke-hosted event in Zurich, Switzerland.
Lykke plans to officially reveal the world’s first cryptocurrency-forward in conjunction with hosting an evening networking event to be held at LaborBar in the heart of Zurich
From February 9th 2017, Lykke will offer a novel financial instrument which operates much like today’s forward contracts with the benefit of being ‘at the run’ for the entirety of the contract period — a significant difference from current procedure which sees settlement occur only at the settlement date.
The Swiss fintech startup will offer a “special limited offer” from February 9th to February 28th 2017, whereby investors can obtain a 20% discount subject to holding Lykke coins for 1 year. Lykke plans to sell 50,000,000 coins with an issue price of CHF 0.04 per coin, to raise an estimated 2 million Swiss francs. Lykke Coins are registered on blockchain, 100 Lykke coins entitle to 1 Lykke share.
Lykke is the brainchild of Richard Olsen, a veteran financial markets executive who first founded OANDA in 1996, a retail broker serving over 100,000 retail trading clients worldwide.
Lykke was first kick-started in 2015, raising over US$2.8 million dollars soon after its market debut. Currently, Lykke is applying for an investment firm license with the Financial Conduct Authority (FCA) for a multilateral trading facility (MTF) to offer a non-exchange financial trading venue as part of a broader aim of establishing the world’s first ‘crypto-marketplace’ offering trade execution on a range of financial instruments.
As a fledgling start-up, Lykke hopes to attract a combination of clientele ranging from speculative traders to import/export clients with several key advantages over existing trading methodology.
The Lykke Marketplace offers on-the-spot pricing even for products delivered in future, establishes full accounting history by implementing blockchain technology and allows its Marketplace participants to take active stakes in Lykke as an entity when conducting trading activity.
Lykke Chief Business Development Officer (CBDO) Demetrios Zamboglou said, “Genuine change in today’s financial services jungle can only be achieved through robust technology that serves the betterment of all, rather than just its gatekeepers. Lykke is committed to creating a means for anyone to conduct financial transactions and store their assets in secure digital blockchains, secured from any single authority or counterparty. Blockchain-powered crypto-currencies are actively demonstrating their superiority over the fiat-paper status-quo, for so long the bastion of big banks. Blockchain technology is here to show financial services as a sector that there is a better way, and there’s no turning back”.
Lykke’s major selling-point and differentiator is better security with a centralized matching engine and decentralized immediate settlement, and an open-source approach to typically closed-loop systems that dominate financial services transactions today.
Lykke founder and CEO, Richard Olsen said, ““In the history of Financial Services, it has always been a requirement to have deep pockets to operate on a level playing field. With Lykke, the only requirement to enter a level playing field is an internet connection.”
For more information regarding the 1-year forward offering, visit forward.lykke.com.
Lykke is a Swiss-based digital exchange for all assets, started by Richard Olsen, previously founder and CEO of OANDA. Lykke is a new platform that lets people trade currencies, cryptocurrencies, and cryptographic tokens using an iOS or Android device. The exchange charges no fees and is revolutionizing the world of finance through the use of “colored coins,” which settle on the bitcoin blockchain in minutes. Lykke has already gone public on its own exchange and is currently building enterprise-scale solutions for large financial institutions. Lykke is a member of the Hyperledger project.