Da Vinci Capital Begins STO for Gett Taxi Service

Wilfred Michael 

Wilfred Michael

News reporter

15 July 2019,
14:34
Da Vinci Capital Begins STO for Gett Taxi Service

Leading independent investment manager, Da Vinci Capital which owns an 8% share in the ride-hailing company, Gett Taxi, has commenced its earlier announced security token offering (STO) for the startup.

According to an update from a Russian news outlet, 1Prime, the STO is an effort by Da Vinci to tokenize a portion of its ownership in Gett Taxi, thereby allowing both retail and institutional investors to invest in the company before its planned IPO in Q1 2020.

Retail investors in Russia, as well as other approved countries, can partake in the STO by passing a compulsory verification process, and choosing to invest at least 415 Euros to purchase GTT tokens.

While explaining the benefits that investors stand to gain by participating, Oleg Zhelezko, managing partner of Da Vinci Capital reportedly said,

“Participation conditions are the same for all investors. Each token allows investors to receive returns on Gett shares and is acquired at the price of the last round of financing. As a result, each token is provided with 160 Gett shares."

Okonto, a digital platform in collaboration with global brokerage group ITI Capital will facilitate the token sale which marks a significant step in the ongoing innovation to give retail investors the opportunity to invest in pre-sale IPOs.

The realized funds from STO, as well as the upcoming IPO for Gett Taxi, will as per the report enable the ride-hailing startup to extend its offering to other countries. At the moment, Gett Taxi founded in 2010 services users in USA, UK, Israel, and Russia

In a similar development, Stmarket.co reported last week that U.S based startup, Blockstack received approval from the SEC to conduct a security token offering for the native cryptocurrency of its blockchain platform.

Blockstack is set to raise $32 million from that offering which started on July 11.

 

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