The Federal Financial Supervisory Authority (BaFin) has approved the security token offering of the Italian company ParkinGO. The authority has thus laid the regulatory foundation for cross-border STOs.
Despite the all-dominant corona issue, there are still positive news to announce. For example, the German Federal Financial Supervisory Authority (BaFin) has given the green light for a cross-border STO for the first time.
ParkinGO receives approval for STO
The business model of the Italian company ParkinGO, founded in 1995, consists of providing parking spaces at logistics hubs. Starting with Milan's Malpensa Airport, the company has since developed a network of airport, port and railway station parking services in over 90 locations in nine European countries. The company has now launched an STO and received permission from BaFin for this.
German private investors will be able to participate in the STO of ParkinGO together with investors from a total of 21 European countries. The company enables both institutional investors and private investors to participate in the STO.
Davide Rovelli, CEO of ParkinGO:
Security tokens can provide a new way of financing for family businesses like ParkinGO. The official approval by BaFin strengthens our confidence during this fundraising process enormously.
The GOT tokens are issued and managed via the STOKR platform, which gives companies (SMEs) access to the capital markets. According to the company, the tokens represent "a unique hybrid equity instrument". Thus, ParkinGO commits to distribute a percentage of the annual income to the investors. The investment thus grows with the success of the company.
Tobias Seidl, responsible for product development and regulation at STOKR:
We are proud that we have developed a real alternative for SMEs and start-ups to obtain financing through a financial instrument that is attractive to investors who want to participate in their strong growth stories. The approval by BaFin is an important milestone for all SMEs and start-ups and shows that European capital market legislation is already adapted to this new form of financing.
The GOTs will be issued on the Ethereum Blockchain using the ERC-20 compliant STOKR framework.
