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Chinese Electronics Giant Disavows Token Pegged to Its Share Price

Chinese Electronics Giant Disavows Token Pegged to Its Share Price 101
Source: Xiaomi

Xiaomi, the Chinese smartphone and electronics giant that has seen huge growth in recent years, said in a statement that they have no connections to an ongoing initial coin offering (ICO) that claims to be pegging their tokens to Xiaomi stocks, according to a report by the South China Morning Post.

Blackmoon, a Cyprus-based company that aims to bridge the world between crypto and traditional finance, has announced that they will be selling a token known as BMXXMI through an ICO. The company claims that all tokens will be backed by an equal dollar amount of Xiaomi shares that the company intends to buy with proceeds raised from the token sale.

According to Blackmoon, investors can pay in bitcoin, ethereum or litecoin, and get direct exposure to Xiaomi’s share price, similar to what derivatives offer in the traditional financial markets.

The move can be seen as part of a broader trend of putting real assets on a blockchain, as Cryptonews.com has written about in the past.

Xiaomi, which is now the world’s fourth largest smartphone maker, is scheduled for a massive initial public offering (IPO) on the Hong Kong Stock Exchange on July 9 that could be valued at as much as USD 10 billion, according to Reuters.

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