IEO, what are the challenges? What are the benefits? ── Reality and prospects as told by experienced people[btokyo club round table report January 24]| CoinDesk JAPAN

N.Avenue, which operates CoinDesk JAPAN, has been developing a limited paid community service centered on business leaders of major companies researching Web3 since July 2023.btokyo club”.

On January 25th, the 7th roundtable was held on the topic of “IEO (Initial Exchange Offering),” in which blockchain projects raise funds by issuing their own tokens (cryptoassets) and selling them through cryptocurrency exchanges. ” was the theme. Since it is a closed event for members only, we cannot provide a detailed introduction, but we will provide an overview of the presentations and discussions by experts on the day.

Stocks? Or is it a token? This is how the financing “IEO” will change in 2024 – Thinking about the issues faced by IEO and the financial strategy of Web3 companies –

This time, the theme is “IEO”, which is in line with the characteristics of the Japanese market, so it will consist of only the Main Session. Mr. Yoshihiro Yoshida, CEO of Hashport, which conducted Japan’s first IEO, and chairman of the IEO section of the Japan Cryptocurrency Business Association (JBCA), is a serial entrepreneur with IPO experience, and his subsidiary BLOCKSMITH is a gaming governance token. Mr. Tetsuya Sanada, Chairman of the Board of KLab, who listed the company, Mr. Tomoharu Sato, Executive Officer and Co-Head of Private Corporate Finance, SMBC Nikko Securities aiming for the first IPO of a crypto asset company from TradFi (traditional finance), Coin Shuhei Sawamura, executive officer who promotes the IEO business at Check, took the stage.

(Mr. Yoshida Yoshihiro)

Mr. Yoshida outlined the process, schedule, problems, etc. based on his experience of actually conducting IEO. Furthermore, as chairman of the IEO committee at JCBA, he introduced the issues surrounding IEO, dividing them into three categories: regulation, taxation, and accounting. The audience asked specific and deep questions about his talk based on his experiences.

(Mr. Shuhei Sawamura)

Next, Mr. Sawamura explained IEO from the perspective of the exchange. He talked about the key points of exchange screening, the benefits of doing an IEO in Japan, challenges, and future prospects. We decided to look at the IEO theme from both sides: those who implemented it (Mr. Yoshida) and those who supported it (Mr. Sawamura).

(Mr. Tetsuya Sanada)

Mr. Sanada has had two IPOs, and the first time was the shortest IPO on record at the time, 18 months after establishment. As he has a wide range of experience in both IPOs and IEOs, he introduces stories that you won’t hear anywhere else. Although the topic was serious, his frank delivery sometimes filled the audience with laughter. The realistic comparison between IPO and IEO was particularly thought-provoking.

(Mr. Tomoji Sato)

Finally, in order to more broadly understand the characteristics and benefits of IEOs, Mr. Sato of SMBC Nikko Securities, who has been involved in most of the “industry’s first” IPOs, talks about the company’s IPO track record and the challenges and problems of IEOs from a securities company’s perspective. I organized it.

In the subsequent discussion among the four people and Q&A session with the audience, there were deep questions from participants who were probably considering IEO, and there were some tense exchanges. Also, at the social gathering that followed, there were four speakers and participants enthusiastically engaged in their discussions.

Each time, deep and hot discussions take place in a closed environment.btokyo club”. If you are interested in business in the Web3 area, or are actually promoting Web3 business, please contact us using the form below.

From the second period in July, the name will be changed to “N.Avenue club” and the content will be enriched.

｜Text: btokyo members
｜Edited by: CoinDesk JAPAN
｜Photo: Keisuke Tada