Lykke Completes Public Offering of Equity Tokens in Oversubscribed Offer

Lykke, a Swiss Fintech company building a blockchain-powered marketplace,  is reporting it has completed a three-week public offering of a 1-year forward equity contract. The offer, which was said to be oversubscribed, raised CHF 2 million for the company from more than 340 new investors.

Richard Olsen, CEO of Lykke, called the event a “huge validation” for his project and company.

“I’m thrilled that so many people are supporting us. We are now able to continue with our various license applications and improving our ecosystem,” stated Olsen.

In September of last year, Lykke reported it had raised over CHF 1.16 million in its “initial coin crowdsale.” The Lykke tokens, trading under the symbol LKK, are available on the Lykke platform issued as “colored coins” on the bitcoin blockchain.

The new token is a special kind of forward contract that is bought and sold on the Lykke exchange. Called LKK1Y, it allows the owner to convert to the Lykke equity coins after a waiting period of one year. Lykke states that you may trigger the delivery at any time, and you will receive the normal LKK tokens in your wallet 365 days later.

Currently, the price of the public LKK tokens is trading around 0.047 CHF. The LKK1Y “forward coin” is offered at a fixed price of 0.04 CHF – roughly a 15% percent discount for buying today and holding for at least one year. After a three-week settlement period, Lyyke states these forward contracts will be tradable on the Lykke platform.

Lykke is said to be currently working on a number of new features and products to add to its trading platform.

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