The newly formed tokenized shares firm, Blueshare, announced the start of its STO on May 6, 2019. The funds raised will go to further the development, exploration, and acquisition of future mineral rights in Bulgaria. Blueshare is a corporate entity created to represent tokenized shares in the largest mining operation in the region – Interprom Mining AG. The announcement signals a further integration of blockchain tech into the mining and construction sectors.
Interprom Mining AG has over 23 years of experience in mining and development. The firm participated in numerous large scale urban development projects over the last decade. These projects range from wastewater purification systems, to power plants, and everything in between. Notably, the firm nearing completion of a complete city subway system based in Bulgaria.
Intereprom Mining AG
Now, Interprom Mining AG seeks to expand its influence in the mining sector in a major way. The company currently controls $4.3 billion in exploration concessions in Bulgaria. Interestingly, the firm seeks to acquire another $26.7 billion in forthcoming exploration rights focused on precious metals such as gold, silver, copper, and lead.
To acquire these rights through exploration Blueshare seeks to raise over a 100 million EURO via an STO. The capital raised will go towards natural resource mining. According to the company's roadmap, by 2021 the platform will make its first Blueshare dividend payout.
Blueshare issued a prospectus regarding the upcoming crowdfunding event. The STO will fall under full Swiss compliance. This compliance includes adhering to the strict Swiss Financial Markets Regulatory Framework of Anti-Money Laundering (AML) and Know Your Customer (KYC) screening requirements.
Blueshare tokens will live on the Ethereum blockchain. These tokens are built on the ERC-20 protocol. ERC-20 is by far the most popular token protocol. It enables these tokens to see more interoperability.
In regards to exchange listings, the firm signed an MOU with the Swiss exchange SCX.CH. Discussing the matter, developers explained how they hope to expand to six exchanges within the first year of issuance.
To make the concept a reality, the firm partnered with Geneva-based Altcoinomy. Altcoinomy specializes in tokenized shares. There security token ecosystem includes issuance, sales, transfer, and management services. Token holders receive dividends for their investment. Notably, Blueshare gives investors the option to receive dividends in a wide variety of currencies including USD, EURO, BTC, ETH, and Tether.
Blueshare's STO fundraising event has a cap set at 128,000,000 EUR. The event officially started May 6, 2019 and will last a total of ninety days. One Blueshare token is equivalent to one share in the company. Interested investors must undergo KYC/AML regulatory compliance.
Building with Blockchains
Blueshare is another example of a blockchain construction hybrid with unlimited potential. If successful, you can expect to see a host of other firms attempting to follow similar strategies in the coming months. What makes Blueshare so unique is the fact that the company has so much experience in the space.
The Blueshare Concept
The Blueshare concept is not the first attempt to tokenize mineral rights or precious metals. However, it is the first one to be fully compliant under the new Swiss regulations concerning STOs. That makes Blueshare a pioneer in its class.