The Luxembourg specialist in quality sardine investment plans to raise more than one million euros.
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My Sardines launched its 7th initial coin offering, a fund raising in crypto-money via the Ethereum blockchain. The SardineCoins, tokens issued by the Luxembourg startup, are backed by tins of vintage sardines.
The operation, which started on 15 September at the ICT Spring Luxembourg, will end on 15 July 2021. First-time investors who invest before 30 October received an additional 2% token credit.
More than 75% of the funds will go towards the purchase of cans of 2020 vintage sardines from the best fish producers. For each tin purchased, My Sardines will then issue SardineCoins (SARD2021), which will then be distributed to the buyers, in proportion to the sums invested.
The tokens are provided by CoinPlus, a Luxembourg-based startup specialized in crypto-currency, token and cyber security solutions.
More than a million expected
My Sardines’ CEO Charlotte Ripetti hopes to raise more than one million euros this time. Part of the funds raised (up to 2.5%) will go to the My Sardines foundation for the protection of the planet and the animal world. The rest will be kept for cash purposes.
With the issue of SARD2020 launched in December 2019, My Sardines had collected some 106,000 euros, or about 35,000 tins of sardines.
The startup intends to go further than just issuing tokens and hopes to launch its own SardineCoins exchange as early as the first quarter of 2021.
Its manager is counting on the new European legislation for the supervision of cryptomoney, planned for the end of 2020.
The text aims to establish a European legislative framework specific to cryptosystems, with binding regulatory measures for exchanges of cryptosystems, brokers and other crypto companies.
Subsidiary of the Luxfactory group founded in October 2018, My Sardines obtains cans of vintage sardines from mainly French and Portuguese canneries.
It had previously issued SardinesCoins for the 2015 to 2020 vintages. Some have recorded an increase of more than 66% since December 2019, according to figures published by the startup on its website.