Horizon Globex GmbH and MERJ Exchange Limited are partnering on what is said to be the first tokenized SPAC or special purpose acquisition company. The joint venture is described as revolutionizing SPACs. The SPAC IPO is predicted to reach $100 million in value.
The launch of tokenized SPACs is expected to list on their JV Upstream, a stock exchange and retail trading app for digital securities.
MERJ is an affiliate of the World Federation of Exchanges, recognized by HM Revenue and Customs UK, a full member of the Association of National Numbering Agencies, and a Qualifying Foreign Exchange for OTC Markets in the US.
Horizon is a Fintech providing software to facilitate digital securities both in the primary issuance and secondary trading of these assets.
Brian Collins, CEO of Horizon, said that offering SPACs on their blockchain-based exchange gives crypto investors fair and decentralized entry into the booming SPAC market.
“The upside for SPACs has almost exclusively been offered to well-connected institutional investors, Wall Street, and the world of private equity and hedge funds,” said Horizon President, Mark Elenowitz. “Upstream will offer everyday investors from all over the world transparent and equitable access to SPACs through a user-friendly app with the security of a blockchain.
MERJ CEO, Ed Tuohy said the market has recently signaled an appetite for listed, sponsor-led deals.
“Upstream will provide a direct solution for issuers and investors that wish to access this trend. We are democratising capital markets at scale through the use of technology.”
Upstream’s first tokenized SPAC is expected to be available to global investors commencing mid Q2, 2021.
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