BAI.G Research Center has launched a capital increase that accepts both euros and cryptocurrencies as collateral.
The Italian company, supported by Young Platform, has in fact decided that part of the capital increase can also be carried out through the sale of credits backed by a certain amount of bitcoin and ether held on the crypto platform.
This will allow users who have such a credit with Young Platform to sell it to BAI.G in order to fund the capital increase, while BAI.G will retain its cryptocurrencies with third parties such as Young for the entire duration of its existence.
Young Platform will thus act as the custodian of cryptocurrencies in order to guarantee a point of reference subject to Italian jurisdiction in the case of measures issued by national authorities.
Capital increases and cryptocurrencies in Italy
Some time ago, the Court of Brescia denied the possibility of conferring cryptocurrencies directly to the company’s capital on the grounds that they did not have a sufficient circulation and use to be subject to certain economic assessments.
The lawyer Massimo Simbula explained to The Cryptonomist that cryptocurrencies are so volatile that they do not allow an objectively estimable FIAT evaluation.
Therefore, in order to circumvent the problem, the assets have been made transferable with a predefined value, with cryptocurrencies as collateral, which have become company credits converted into capital account. In fact, this way the credits conferred have a determinable value.
BAI.G Research Center is a social enterprise based in Milan and consists of a research body in the field of law and new technologies, such as blockchain and artificial intelligence, founded by professors Nerina Boschiero and Diana Urania Galetta of the University of Milan, as well as Benedetta Cappiello, Alessandro Negri della Torre, Gabriele Sabbatini, Marco Pagani and Gherardo Carullo.
The Turin-based FinTech Young Agency startup is the operator of the platform for the sale and purchase of Young Platform cryptocurrencies, founded by Andrea Ferrero, Stefan A. Gheban, Samuele Raimondo, Marco Ciarmoli, Andrea Carollo and Daniele Rinaldi.
Young Platform’s co-founder and CEO, Andrea Ferrero, said:
“We are honoured to have been chosen by BAI.G for this operation, which represents a milestone in Italy. Thanks to the synergy that we will create with new partners, we are confident of being able to create new operations that will contribute to the clearance of blockchain technology and cryptocurrencies in our country”.