Beself Brands is taking encryption to new heights with BeToken, allowing users worldwide to access the company's shares. This plan seems to significantly reduce barriers to an unconventional IPO launch.
However, many questions remain unanswered. The press release indicates that Beself has not yet obtained full regulatory approval, and some of their projected figures are unclear.
BeToken: A New Model for Tokenization
Beself Brands, a Spanish lifestyle company with no long history in the cryptocurrency industry, has noted favorable regulatory developments for its ambitious new plans. According to a press release, the company is using BeToken for a bold launch, using encryption to place 100% of its shares on the blockchain:
"With this structure, we eliminate many traditional geographical and economic barriers. A small investor from anywhere in the world can become a shareholder without needing large intermediaries or complex procedures," said Albert Prat, founder of Beself Brands.
Through this encryption plan, Beself will treat each individual BeToken with the same economic and governance rights as a traditional share.
A legal change in 2023 allows Spanish companies to provide digital assets with real financial backing, and Beself wants to use this to actually place its entire public shares on the blockchain.
Despite optimistic language, it appears BeToken's encryption plan has not yet achieved full government cooperation. It mentions two implementation phases, with the first phase "dependent on a favorable decision in the regulatory process."
Beself provides no additional details about this phase. The second phase, expected in September, will see the sale of 2.9 million encrypted shares.
Although Beself has no direct experience with blockchain or encryption, they do not view BeToken as a frivolous idea or a casual money-making scheme.
The company prides itself on years of e-commerce experience and believes encrypted shares are the logical next step. Prat argues that an IPO can consume significant resources for companies like his, while cryptocurrency-based alternatives reduce access barriers.
However, some questions remain unanswered. The company's social media post references 100 million euros in revenue as a "moderate scenario", but its meaning is unclear.
Beself also mentions a 10% annual dividend for those holding BeToken for over a year. However, if their ambitious plan succeeds, it could provide a powerful new Web3 use case for IPOs.
