Cryptocurrency exchange Trade.surf, which launched an initial public offering (IPO) based on Ethereum in 2020, plans to be listed in the VC section of the Toronto Stock Exchange (TSVX). This is stated in additional materials for the US Securities and Exchange Commission (SEC).
The funds raised can be up to C $ 25 million (~ $ 19.6 million) and will be used for research and development, sales, marketing, general expenses, and mergers and acquisitions.
USA-based Trade.surf will offer 20 million shares at a price of 1.25 Canadian dollars (~ $ 0.98). Trading on TSVX may start in the second quarter of 2021.
According to the document, the initiative is aimed at “increasing confidence.” The level of disclosure required by the TSVX listing will enable it “to establish strategic partnerships with Fortune 500 companies and institutional investors.”
trade.surf later applied to list its digital shares on the Canadian Stock Exchange (CSE)