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STOCKHOLM IT VENTURES ANNOUNCES EXPANSION OF TOKENIZATION DEAL WITH NETOIL INC.
STOCKHOLM, SWEDEN (October 30th, 2018) – Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB – ISIN SE 0006027546) today announced that they have agreed with international giant Netoil Inc. to increase the previously agreed engagement for a tokenization deal for the companies’ oil delivery network starting in the middle east.
The parties have agreed to increase the bond’s total value from the originally agreed 300 000 000 EUR to 400 000 000 EUR.
Stockholm IT Ventures AB will receive a fee of 0.2 percent, meaning that the recent increase adds another 2 000 000 EUR to the company’s revenue deriving from the deal.
“I’m pleased to see the acceptance and application of our hybrid tokenized bonds product, where Netoil’s found applications even before we finished the first round of implementation” said Anthony Norman, CEO of Stockholm IT Ventures AB.
Tokenisation of assets has been a hot topic in business recently because of its ability to significantly reduce and nearly eliminate administrative costs via smart contracts, increase transparency & liquidity (and therefore asset values), as well as open markets for new investment via the roughly 3 billion unbanked people worldwide. The technology of tokenisation is seen amongst industry experts as one of the “killer apps” of the blockchain as a whole with an expected EUR1 Trillion of assets to be tokenised in the next 12-18 months.
Stockholm IT Ventures AB has developed a method to create hybrid bonds in where the bond may be listed on a traditional exchange, but also be tradable as a token. The company will as part of its BytemineX launch also launch a simplified bonds trading facility, in where it will offer its members the possibility to trade the bonds just as any exchange listed token.
About Stockholm IT Ventures AB
Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The Company specialises in clean and efficient low-cost energy cryptocurrency mining, production and related FinTech and Blockchain technologies. For more information visit www.stockholmit.co. You can also find the Company on Facebook, Twitter and LinkedIn. Details on the Company’s Bytemine (BYTM) token and White Paper can be found at www.bytemine.io.
Stockholm IT Ventures AB, Anthony Norman, firstname.lastname@example.org