Cayman tech company to launch securitized coin offering

Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.
Cayman Compass is the Cayman Islands' most-trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

The Cayman-based tech company Ronco Metrics announced on Tuesday that it has been awarded a contract to launch an asset-backed securitized token offering for an international shipping company based in Greece.

According to the announcement, the securitized token offering is meant to raise US$116 million for the shipping company, which will use the proceeds to purchase ships. The tokens can be traded by users on a blockchain.

The management of the shipping fleet will produce “highly attractive” returns for token holders based on the profitability of the company’s business and assets.

“Taking our traditional shipping business and using a technology designed to revolutionize how business is conducted worldwide is the perfect marriage of two worlds for our industry,” said Pantelis Lemos, managing director of the shipping management company Sea Tribute Shipmanagement Ltd. “Shipping is in a high growth phase now and embracing the blockchain provides us with a catalyst that will allow the family to continue trading for another four generations.”

Ronco Metrics owners Darrell Hines and James McGarvey said they are committed to help Cayman develop its blockchain industry.

“We are committed to developing transparent, dynamic and successful STO projects and to being a part of the drive in establishing the Cayman Islands as a blockchain destination of excellence in this emerging and transformative industry,” they said in a released statement.

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