A part of shares will be bought by a financial institution EGW capital which will tokenize the shares in Digibyte blockchain. These shares then be freely tradable.
You will not need a demat account and KYC, as EGW will handle that. NRI and foreign investors can easily buy LIC share using tokenized share. 1 token will be equal to 1 share.
How much equity EGW capital buying
EGW capital may bid for US $25 million (Rs 190 crore) worth of LIC’s equity shares.
What assets EGW capital want to tokenize
EGW capital is in process of tokenizing real state, bonds and stocks.
Digibyte
Digibyte has surged more than 7 times since crash in March.
Founder of Digibyte had a heated exchange with binance and it’s CEO as they didn’t listed there token in Binance and Poloniex delisted there token.
1/8 It’s time to set the binance record straight and let the world know the truth. The binance – DGB story starts with us refusing to pay the “listing fee” last summer/fall. And continuing to refuse to ever pay it for the last 12 months.
He accused them of centralization and wrong practices related to listing fees. Even after desertion by top Centralised exchange the project is sustained and has made great progress in recent times.
1/8 Im disgusted by all these #TRON trolls/bots attacking me & hyping a 100% premined & completely centralized network like its the most decentralized gift from god. Now #Poloniex has turned into a $TRX shill factory after making off w/ US customers sensitive data. Fact time:
If LIC tokenization succeed, in future all IPO may directly be conducted on Blockchain and instead of demat account investor may need only a crypto wallet. But regulatory hurdles must be passed to ensure this. May be after world heals from Corona pandemic rapid switch to Blockchain based financial products may happen.
Opening Demat accounts and choosing brokers is cumbersome process , solution using Blockchain can make the process fast and simple.
Tokenized security may grow rapidly by next 3-4 years once technology matures.
What you think about future of IPO on Blockchain, wrote in comments.
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