Oddity Uses Ethereum Blockchain to Issue Pre-IPO Security Token, a New Trend in Fund Raising
Beauty-focused consumer-technology company Oddity is offering security tokens using Ethereum blockchain on a pre-IPO basis. The process presents a unique way for investors to take part in the growth of the company and realize profits much before a company gets listed on the market. For Oddity, it opens the door for multiple fundraising channels. Notably, Oddity is credited of being the foremost non-crypto currency firm to bond its equity to a security token hosted on a blockchain. This could spark off a new trend of raising funds.
Oddity is involved in the development and commercialization of digital-focused products with an aim of disrupting the influential fitness and beauty industry in the physical realm. Prominent brands, namely IL Makiage and SpoiledChild, are owned by the New York-headquartered company. The R&D facility of the company exists in Tel Aviv, Israel.
Oddity’s CEO, Oran Holtzman, has stated, “Consumers and investors alike stand to benefit greatly from the advent of cryptocurrency and blockchain technologies.”
He further stated that tokenization enables bridging conventional markets and digital assets. Oddity continues to lay emphasis on the adoption of the latest technology. The firm’s Global CFO stated that they trust that securities, instead of being records, will act as functional rows of programs, in the upcoming years.
Oddity’s security token, hosted on Ethereum blockchain, has been coded to transform into Class A ordinary shares upon the conclusion of the IPO. Therefore, investing in security tokens is like pre-investing in a company’s equity. Many companies are expected to follow suit in the months ahead. Notably, the security token offering will go live until May 11, 2022.
Oddity has built a state-of-the-art platform using data science, machine learning, and computer vision to offer a better digital experience for clients. The company assesses customer needs utilizing innovative data science and then offers suitable solutions by the way of health, beauty, and tech products.