The IPO of a Swedish cryptocurrency broker was oversubscribed by 1,200 percent.

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Safello, a Stockholm-based cryptocurrency brokerage, saw its IPO nearly $60 million oversubscribed, or 1,240 percent more than the expected $5 million.

Safello, a blockchain brokerage headquartered in Stockholm, is experiencing a surge in investor interest in its forthcoming initial public offering on the Nasdaq First North Growth Market.

The company said Wednesday that its planned IPO was oversubscribed by 502 million Swedish krona ($59.3 million), up 1,240% from the planned 40.5 million krona ($4.8 million), Reuters reports.

According to Safello CEO Frank Schuil, the firm plans to list on the Nasdaq First North Growth Market in Stockholm on May 12. According to the executive, the allocation principles were laid down in the prospectus, and Safelo followed them. “Our approach has been to create the widest distribution after pre-subscription in the spirit of decentralised ownership,” Schuil said.

“Safello will continue to follow its roadmap. The listing on Nasdaq First North opens new venues for growth that we will pursue. Specifically M&A, product expansion and geographical expansion,” he said.

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Safello, founded in 2013 in Sweden, is an online cryptocurrency brokerage that allows users to buy and sell cryptocurrencies such as Bitcoin (BTC). The firm is regulated as a financial entity by the Swedish Financial Supervisory Authority and is supported by big players in the cryptocurrency industry, including Barry Silbert’s Digital Currency Group. Safello originally declared its intention to go public in December 2020.

Many people in the crypto space expected that 2021 will be the year that crypto businesses go public. Coinbase, the first cryptocurrency exchange in the United States, debuted on the Nasdaq Global Select Market in mid-April. CoinShares, a major European crypto asset manager, listed on the Nasdaq First North in March.

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