World Chess announces a hybrid IPO program that will first issue securities tokens on Algorand

According to Messari, World Chess, a London-based media company with commercial rights to the World Chess Championship, announced the "mixed initial public offering (IPO)" program. The plan will first raise funds through the issuance of securities-based tokens and then on the London Stock Exchange's Alternative Investment Market (AIM) in 2020. World Chess CEO Ilya Merenzo said that the securities-based token issuance will start next week, when the company will sell 4% to 6% of the company's shares at a "million dollar low price." These securities tokens will be issued on Algorand and will be converted to more liquid stocks after AIM is listed.