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OnMarket and Australian Prime Minister Malcolm Turnbull have co-launched a new fintech app which allows retail investors to access the Australian Securities Exchange’s infrastructure
Australia, Malcolm Turnbull, Bitcoin, Group, Applications, OnMarket
Sydney-based company OnMarket and Australian Prime Minister Malcolm Turnbull have co-launched a new fintech app which allows retail investors to access the Australian Securities Exchange’s infrastructure and submit bids for shares in companies.
"We're trying to democratise capital raising. Why are IPOs called Initial Public Offerings when there's no element of offer to the public? They should be called IIOs - Initial Institutional Offerings,” said OnMarket founder and CEO Ben Bucknell.
On behalf of the OnMarket team and CEO Ben Bucknell, Prime Minister Turnbull has entered a US$2000 bid for shares in Bitcoin Group’s upcoming initial public offering.
Bitcoin Group, Australia’s largest bitcoin mining firm has announced an IPO in November this year, to achieve a production level of 374 to 551 bitcoins per day. The company plans to raise around US$20 million to purchase mining equipment to gain control of about 10 to 15% of the bitcoin network market share.
The platform of OnMarket will allow Bitcoin Group to reach the ASX spread requirements and eliminate middleman and third party institutions during the process.
“OnMarket has been instrumental in helping us reach the ASX spread requirements by democratising investor access to IPO's, cutting out the middleman results in a more transparent and efficient process to on board retail investors," explained Bitcoin Group's CEO Sam Lee.
"We hope our lPO will educate and help bring in fresh capital from retail investors finally have access to opportunities in bitcoin and blockchain.”
According to news.com Australia, retail investors were excluded from US$66 billion in placements and US$20 billion in IPOs. “With six million Australians direct investors in the share market and another 3.6 million keen to start — two million of whom are under 37 — OnMarket sees an opportunity to connect a massive pool with companies which need the money,” reported news.com.
The newly-launched fintech app will also cut a significant number of costs for retail investors, while maintaining a transparent and efficient method of settling bids.
“The brilliance of this application is simply that it makes it easier to buy, makes it easier to trade,” PM Turnbull announced.
“If you want to sell something, make it easier for your customers to find you, to reach you, to transact with you. Inevitably this application will open up the investment market considerably.”
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