Bitcoin and ether held on Young Platform in the first italian capital increase in cryptocurrency.
Young Platform backed BAI.G. Research Center Impresa Sociale S.r.l. in the first capital increase in cash and cryptocurrencies, the only one of its kind in Italy.
BAI.G deliberated that part of the increase could be carried out through the sale of credits backed by a certain amount of bitcoin and ether held on Young Platform, chosen as a partner and guarantee for this operation.
“We are honoured to have been chosen by BAI.G. for this operation, which represents a milestone in Italy”, says Andrea Ferrero, CEO & Co-Founder of Young Platform.
The operation, unique in its kind, stands out in at least two aspects.
- For the first time, an asset has been conferred in the form of the native cryptocurrency of the blockchain Ethereum, ether (ETH), in addition to bitcoin (BTC). It is, therefore, the first multi-crypto-currency corporate operation.
- The second is the very nature of the conferment of credits by the clients towards a wallet provider, i.e. that it consists of two distinct cryptocurrencies.
The choice fell on the two cryptocurrencies with the greatest diffusion in the world and a national wallet provider such as Young Platform was chosen to act as custodian, guaranteeing, as long as it holds these cryptocurrencies are held by it, a point of reference for Italian jurisdiction in the case of provisions issued by the national authorities.
Precisely for these reasons and with the intention of establishing the best practice, BAI. G will keep its crypto-assets or cryptocurrencies in the care of third parties such as Young for the entire duration of its existence.
This operation, therefore, represents a further step forward in the process of adapting the national legal system to the challenges presented by cryptocurrencies and, in general, by the blockchain. Moreover, the intervention of an Italian exchange such as Young Platform, increases the security level of the operation, not only for the social creditors, but also for the national authorities.
