Lykke, a Swiss fintech company building a global marketplace using blockchain technology, just announced the start of its ICO campaign. The offering will last four weeks and ends on October 10, 2016. Lykke builds on decades of thought and research by its founder Richard Olsen, a pioneer in the field of high-frequency finance. A co-founder and former CEO of the FX brokerage OANDA.
The company hopes to raise 1.5 million Swiss francs through the sale of thirty million Lykke coins, a cryptographic currency that uses the Bitcoin blockchain to record transactions. The coins on sale represent ownership of Lykke, an exchange for trading financial instruments using blockchain technology. Anyone over 18 (except US citizens) can buy Lykke coins using the Lykke Wallet application for iOS or Android. Buyers can pay using Swiss francs, US dollars, Bitcoin, and Ether.
“Lykke is looking for investors who want to change the face of the global market. Our goal is to upset the inefficiency and unfairness of the existing financial system, giving people a better way to manage their money and their assets.” says Olsen. “Using the Lykke Wallet, any kind of financial instrument can be traded and settled peer-to-peer, with second-by-second interest payments. We want to give our customers and those who believe in our vision a chance to participate in owning part of the company.”
Lykke received initial seed funding in 2015. Philipp Netzer, an investor in the company, says: “Lykke is the beginning of a giant movement that will trigger a lot of very important changes in the financial industry.”
After October 10, the price of Lykke coins will float with market demand. Ten percent of capital will be held in reserve to buy back coins and support the price.