Swedish crypto broker Safello's planned IPO oversubscribed by 1,240%

STOCKHOLM (Reuters) - Swedish cryptocurrency brokerage Safello said on Wednesday its planned IPO was oversubscribed by 1,240% as demand for digital assets continues to grow among investors.

The planned 40.5 million Swedish crowns ($4.78 million) IPO was subscribed for by 502 million crowns, Safello said, adding that it expects to list in Stockholm on May 12.

“We are thrilled to see the great interest in Safello’s shares and what it signals for the future of our industry. The prospect of a cryptocurrency-based financial system is picking up steam in Sweden and beyond,” said Safello’s CEO Frank Schuil.

In April, San Francisco-based cryptocurrency exchange Coinbase made a $86 billion debut on the Nasdaq, marking a milestone in the development of bitcoin and other digital currencies.

($1 = 8.4780 Swedish crowns)

Reporting by Colm Fulton; editing by Niklas Pollard