Blockchain Dispute Resolution Firm to List On London Stock Exchange
Proof of Trust, a smart contract dispute resolution firm, plans to list on the Main Market of London Stock Exchange.
A company that uses smart contracts to manage arbitration and dispute resolution around blockchain transactions announced on Jan. 17 its intention to list on the Main Market of the London Stock Exchange.
Proof of Trust Ltd did not give any financial details or timetable for the listing, but CEO Dean Armstrong said that the company was excited at the prospect of the listing and “look[s] forward to providing investors with the opportunity to share in this groundbreaking project."
Insurance protocol for smart contracts and blockchain transactions
The company describes its proprietary technology as standing to be the first-ever “insurance protocol for blockchain transactions and smart contracts.” The firm states:
"The Proof of Trust owns the worldwide patents to a protocol which facilitates clear dispute resolution based upon smart contract disputes which are highly efficient both in terms of speed and use of resources."
The system also delivers an anti-collusion algorithm to ensure the authenticity of data used to execute smart contracts.
Proof of Trust claims that the protocol has come to the attention of major governments and corporations globally, and has been presented to a number of prime ministers.
London Stock Exchange adds an air of respectability
One reason for crypto- and blockchain-related firms to seek a listing on the LSE and similar exchanges is the perceived air of respectability that such a listing adds. The cryptocurrency industry has long suffered from a poor reputation in traditional financial circles, and the lack of regulation during the initial coin offering boom did nothing to alleviate it.
More and more crypto firms are choosing to go down the more traditional route of having an initial public offering of shares on a major stock exchange.
The first crypto firm to have an IPO on the LSE has been doing pretty well for itself of late. As Cointelegraph reported in September, Argo Mining added 1,000 new mining machines, and had seen its share price almost triple since May 2019, reaching £9.50 ($11.85) per share. The stock price has since dropped back, but still stands at £7.15 ($9.32) at press time.