Ethereum-powered digital art platform ArtID recently held its first Security Token Offering for the development of its marketplace.
Advisor for the STO is global corporate finance firm Kreston RS while Luxembourg-based tokenized investment platform STOKR is hosting the offering.
According to an announcement on April 29, ArtID is seeking five million euros (nearly $5.5 million) in the offering while reaching the soft cap set at 580,000 euros within one week.
Switzerland’s ArtID launches its first STO by Angelique Moss https://t.co/hHZfpwZhC8 — Born2Invest (@born2invest) April 29, 2020
Investors holding the platform’s security tokens will have access to a percentage of the company’s earnings. The offering aims to raise one million euros in a public offering and four million euros in private.
ArtID reportedly hosts over 1,000 artworks, and has supported the purchase of 6,000 artistic and limited edition photographs.
Stefano De Nart, the head of Kreston RS’ financial department, explains that ArtID will allow investors to buy and sell artwork that was checked and certified on-chain.
Given the current financial landscape, he added:
“Although it’s a difficult economic time, the market is rewarding a solid project such as ArtID’s.”
Source: Cointelegraph | Image: Unsplash