Safello, a cryptocurrency broker based in Stockholm, sees huge investor demand for its upcoming debut listing on the NASDAQ Nordic First Growth Market.

The company said Wednesday that the planned IPO was SEK 502 million ($ 59.3 million), up 1,240 percent from its planned $ 40.5 million ($ 4.8 million), Reuters reported.

Safello CEO Frank Schoyle said the company plans to list on the NASDAQ Nordic First Growth in Stockholm on May 12. A law enforcement officer told Cointelegraph that the rules for the award were laid out in the prospectus and that Safelo follows those rules. “Our approach was to create the widest possible pre-subscription distribution in a spirit of decentralized ownership,” Schwel said.

Safilo will continue to follow the roadmap. Listing on the Nasdaq First North opens up new growth opportunities that we will strive for. Especially mergers and acquisitions, product expansion and geographic expansion.

Safello, founded in 2013 in Sweden, is an online cryptocurrency broker that offers the purchase and sale of cryptocurrencies such as Bitcoin (BTC). The company is regulated as a financial institution by the Swedish Financial Conduct Authority and is supported by major players in the crypto industry, including the Barry Silberts Digital Currency Group. Safello originally announced plans for an IPO in December 2020.

Many in the crypto room expected 2021 to be the year crypto firms begin listing. Coinbase, the largest cryptocurrency exchange in the US, was listed on the NASDAQ Global Select Market in mid-April. CoinShares, Europe’s largest cryptocurrency asset manager, appeared on the 1st Nasdaq in March.