Stable Coin Developer X8 AG Planning to Have Its Common Shares Listed on North American & European Stock Exchanges
FRIBOURG, Switzerland, May 03, 2021 (GLOBE NEWSWIRE) – X8 AG. (X8) in preparation for the launch of its crypto X8currency stable coin, X8 is planning to have their common shares apply for listing on the Canadian Securities Exchange (CSE) with cross listings planned for the Open Market Segment of the Frankfurt Stock Exchange (FSE) in Germany and the Over the Counter Market (OTC) in the USA.
X8 AG has selected Listing Partners Sarl, as exclusive financial advisors in connection with the listings.
Listing Partners will be advisors and underwriters to X8 in a contemplated pre-listing offering of common shares through syndication of the issue to its underwriting group. In addition, as part of the Listing Partners group’s international affiliations, Antevorta Capital Partners Ltd. has been engaged to provide listing services to assist X8 with the listing process on the CSE, FSE and the OTC.
As part of the listing process, X8 is required to have prepared a non-offering prospectus for submission to the securities regulators for review and approval. Should the prospectus clear the approval process an application to list the X8 common shares on the CSE will be submitted for listing approval. Once the CSE listing is granted, submission of application to cross list on the FSE and OTC is planned for.
Gregor Koželj, CEO of X8 said today: “Currently, there are no other stable coin projects listed on a regulated stock exchange. We believe this exclusive position will boost X8’s visibility to the forefront along with gaining significant recognition and access to the capital markets.” He added “Simultaneously X8 AG is applying to have the X8currency stable coin authorized by the Swiss Financial Regulator, FINMA”.
The public listing of X8 AG is expected to allow capital market investors the rare opportunity to invest directly into a stable coin development project that management believes could have a global long-term vision. The X8currency stable coin work in progress is a value preservation digital currency payment instrument that is expected to challenge the established tokenized payment instruments with a cutting edge fintech of its own.
About X8 AG
Established in 2018 and headquartered in Switzerland, X8 AG intends to provide global digital cross-border payment instrument solutions that are cost-efficient and reliable. The company successfully launched its Initial Coin Offering of the X8X utility token. Currently, X8 is preparing to launch its X8currency stable coin as a digital currency by way of its application to FINMA which upon approval would award X8 to move forward with its market operations under a regulatory Sandbox regime and to further apply for a Fintech license (banking license light) as a result. The Regulatory Sandbox regime allows Swiss companies to accept deposits of up to 1 million CHF as a stable coin issuer, while the Swiss Fintech license would allow the company to accept deposits of up to 100 million CHF as a bank, which such deposits could be in the form of the X8currency and assets backing the stable coin units.
About Listing Partners Sarl and the Listing Partners Ltd group of Companies.
Listing Partners is an international, boutique investment firm operating within the capital markets ecosystem. Their focus is on creating and managing the going public plan for companies by working with top management for successful listing and financing. Antevorta Capital Partners Ltd. is a member of the Listing Partners Group of Companies. It has been successfully assisting small and medium-sized companies in the listing process and raising funds since 1998. Their experience and know-how lead their clients through every aspect of going public, primarily on the Canadian Stock Exchange, which often results in cross listing opportunities in other international markets.
For Investor information contact: email@example.com
For More Information about X8 contact: Gregor Koželj, firstname.lastname@example.org
All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. X8 AG is under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
PayPal has held exploratory talks about launching a stablecoin: sources
Four sources with knowledge of the situation told The Block that PayPal has made the rounds among some of the industry’s stablecoin protocol developers.
PayPal is exploring the launch of a stablecoin, The Block has learned.
Four sources with knowledge of the situation told The Block that PayPal has made the rounds among some of the industry’s stablecoin protocol developers — suggesting the payments giant may be leaning towards working with a third-party company.
Ava Labs, the team behind the Avalanche blockchain, is one of the organizations that has held talks with PayPal over stablecoin development, according to people familiar with the matter. It is not clear which other protocols have been involved in the discussions.
A PayPal spokesperson told The Block that “PayPal continues to explore the potential of digital currencies, digital financial services infrastructure and how we can help enhance digital commerce as a trusted partner in the space.”
“As a global company working with regulators and industry partners throughout the world to shape the next generation of financial systems, the company is in frequent conversation about technologies that enable these goals. However, rumors and speculation are not predictive of the company’s future plans,” the spokesperson said.
If PayPal did move forward with such a project, it would represent a significant escalation of its work in the crypto space. Stablecoins are digital assets that represent fiat or government-backed currencies, using a blockchain network as a payment rail. There is more than $80 billion in stablecoins circulating in the market today, according to data collected by The Block.
“It looks like they’re more likely to do something with an existing stablecoin partner rather than build something themselves, because I think that that would get something to market faster, and I think that’s their primary concern,” one source told The Block.
Rumors have long circulated regarding PayPal’s stablecoin ambitions. Indeed, one source described the move as the best-known secret in the crypto industry.
Last fall, PayPal announced that it would enable crypto buys and sells on its platform through a partnership with industry startup Paxos. PayPal has moved to widen the scope of its crypto offerings since then.
On March 8, PayPal announced that it had completed the acquisition of crypto security firm and multi-party computation (MPC) start-up Curv.
PayPal rumors are a harbinger for stablecoins as the future of crypto payments
Rumors are circulating about PayPal forging a partnership to develop its own stablecoin.
Rumors are circulating about PayPal forging a partnership to develop its own stablecoin. If true, it could usher in a new wave of crypto innovation.
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PayPal may be considering extending its cryptocurrency offerings to include its own stablecoins, according to reporting from The Block indicating that the payments titan is in very early conversations about a potential launch. Stablecoins are pegged to underlying assets like the US dollar or gold but use blockchain to facilitate transactions.
PayPal rumors fuel thoughts of stablecoin support. Insider Intelligence
PayPal is reportedly looking to launch the stablecoin with a third-party partnership rather than building it from scratch—likely to get it up and running quickly, as it did with the Paxos deal that enabled it to launch its crypto program last year. In response to the rumors, PayPal told The Block it’s in “frequent conversations” about digital currency’s potential but that speculation doesn’t reflect plans.
The move toward enabling cryptocurrency as a payment method rather than just an asset is accelerating worldwide. Customer interest in cryptos is surging: 40% of respondents to a Mastercard index planned to use cryptocurrency in the coming year, and millennials are particularly interested, with 77% wanting to learn more and 75% willing to use the tech with better understanding. And companies are furthering their crypto ambitions in response.
PayPal, which launched checkout with crypto earlier this year, anticipates hitting $200 million in crypto volume within “months,” for example, and more merchants, including eBay , are exploring crypto acceptance. Companies like Square are also working to help build up crypto-related public policy to educate people and further develop the technology, but the US still needs to recognize virtual currencies as tender, not property, which would remove a major tax hurdle and help cryptos become a mainstream payment method.
PayPal’s potential ambitions could indicate that the future of crypto payments lies beyond Bitcoin—in stablecoins and central bank digital currencies (CBDCs).
An uptick in stablecoin- and CBDC-focused pilots indicates rising interest. A number of providers and governments have been homing in on the technology; most recently, the Digital Dollar Project, a US nonprofit, announced plans for five pilots over the next year to test various CBDC use cases. Stablecoins and CBDCs are great candidates for payment methods: Being pegged to an underlying asset makes them less likely to be treated like an investment, which could reduce volatility—a major concern about cryptocurrency acceptance from the merchant services perspective.
A number of providers and governments have been homing in on the technology; most recently, the Digital Dollar Project, a US nonprofit, plans for five pilots over the next year to test various CBDC use cases. Stablecoins and CBDCs are for payment methods: Being pegged to an underlying asset makes them less likely to be treated like an investment, which could reduce volatility—a major about cryptocurrency acceptance from the merchant services perspective. If the rumors are true, a PayPal stablecoin could pave the way for other providers to follow suit. PayPal pushing into stablecoin would represent a “significant escalation” of its work in the cryptocurrency space, according to The Block. Doing so could propel it to the forefront of the space—especially as stablecoins and CBDCs become more popular as payment methods—and continue to drive up both usage and acceptance. At the same time, it might provide a blueprint for firms with similar ambitions and serve as the precursor to a much larger wave of stablecoin innovation.
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