Beauty company Oddity offers security token on Ethereum blockchain pre-IPO. This offers investors a new way to participate in the company’s growth and make profits even before a company goes public. For Oddity, it unlocks more fundraising options to get investments. It has also become the first non-crypto company to link its equity to a security token on the blockchain. This might start the trend for other companies to raise funds in a similar way.
Oddity offers security token on the Ethereum blockchain
Oddity’s CEO, Oran Holtzman, said, “Crypto and blockchain technology unlock massive opportunity for consumers and capital markets.” He also added that it gives them the opportunity to build a bridge between the traditional markets and digital assets. Oddity is taking a strong approach towards adopting new tech. Their Global CFO said they believe that securities will not be just records but “functional lines of code” in the future.
The Security token
Oddity’s security token is based on the Ethereum blockchain and is programmed to convert to Class A ordinary shares when the IPO happens. So, investing in the same is like pre-ordering for company equity. This is a really ingenious idea to raise money, and I am genuinely impressed. I can see other companies do this as well. If you are interested, the security token offering will be live till May 11, 2022. However, I would recommend that you read the terms and conditions of the same before putting in any money.
Oddity is a consumer technology firm that creates and expands digital-first products in order to disrupt the offline-dominant beauty and wellness sectors. SpoiledChild and IL MAKIAGE are owned by the corporation. It has its US headquarters in New York City and an R&D center in Tel Aviv, Israel.
Oddity has developed one of the industry’s most sophisticated technological platforms, which uses data science, ML, and computer vision to provide a better online experience for customers. The firm identifies customer requirements using advanced data science and then provides solutions in the form of beauty, health, and tech products.
What are your thoughts on Beauty company Oddity as it offers a security token on the Ethereum blockchain? And do you think other companies will also follow this strategy? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.