Cryptocurrency to be accepted for an IPO for the first time

04 Aug, 2018
by Matthew Kim
News
Cryptocurrency to be accepted for an IPO for the first time

High Times, a New York-based monthly magazine about Cannabis, announced its intention for its upcoming Initial Public Offering (IPO) to be the first regulated A+ stock offering to accept cryptocurrency.

CEO of the High Times, Adam Levin, stated that the acceptance of cryptocurrencies will allow for a larger participation in the IPO. The company is expected to accept the two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). By doing so, Levin believes that the company is “taking another step into the future, not only as one of the first cannabis-related brands to go public on the NASDAQ but also as the first to allow Bitcoin and Ethereum as part of our public capital raise”.

Founded in 1974 by Tom Forcade, the publication has been at the center of counterculture of marijuana-use since its birth. It has been a longtime advocate for the legalization of cannabis. The company defines itself as the “definitive resource for all things cannabis” and an “important beacon in the legalization activism game”. With the shifting currents in United States, the publication believes that the company is primed for growth.

Potential investors will be able to buy shares of the 44 year old company for $11 on their website. At the time of writing, that would be 0.0015 BTC or 0.026 ETH.

Although news of High Times’s acceptance of cryptocurrency in its IPO does nothing for technical development of cryptocurrencies, it is a crucial step in the recognition of cryptocurrencies as a form of currency. If cryptocurrencies are to truly replace fiat, it needs to either be a better substitute for what fiat currency does or revolutionize the system, and in this case cryptocurrency is serving a role solely entrusted to fiat in the past.

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