SprinkleXchange to list first company in June

Settlement and clearing platform SprinkleXchange is going to list its first company next month, Bloomberg writes. The Bahrain-based blockchain platform is planning to reach 35 listings in 12 months.

The company is hoping to attract as many as 1,000 companies in the next three to four years.

“We have the luxury of being first with this, but we’re aware that it will become a crowded market,”  said Sprinkle Group SA CEO Alexander Wallin. “It’s like moving from VHS to streaming; Netflix did it nicely and was first, but now there are lots of streaming sites.”

Companies with a market cap of $20 million to $200 million are welcome to join. So far, Wallin said, the platform has sparked interest from companies ranging from real estate industry to forest and biotech firms.

According to Wallin, an Ethereum-based platform will allow companies to save both time and money since many things, including central clearing systems, repositories, stock certificates, dividends and voting, are automated. SprinkleXchange will charge a 1 per cent listing fee, making the cost similar to a Swedish stock exchange listing, Wallin said.

Besides offering company listings, it will also trade cryptocurrencies. Moreover, SprinkleXchange has also shown interest in listing exchange-traded funds.