Quantum Blockchain investee Forcrowd gets EU Passport

(Sharecast News) - Quantum Blockchain Technologies updated the market on its investee company Forcrowd on Thursday - an Italian equity-crowdfunding platform in which it holds a 41% stake.

The AIM-traded firm said Forcrowd recently secured registration with the European Securities and Markets Authority (ESMA) as an authorised provider of crowdfunding services under EU regulations.

It said the registration, achieved through an application process involving CONSOB - the Italian financial market regulatory authority - and the Bank of Italy, granted Forcrowd an 'EU Passport'.

That, it said, enabled the company to offer its crowdfunding services across all EU member states, allowing it to host campaigns and raise funds from investors throughout the EU.

With the ESMA authorisation secured, Forcrowd planned to relaunch its crowdfunding activities, with several campaigns already in the pipeline and scheduled for launch in the second half of 2024.

The campaigns would primarily focus on two sectors - real estate and energy.

In the real estate sector, Forcrowd aimed to support the renovation, redevelopment, and energy efficiency of private and commercial properties, while in the energy sector, the focus would be on promoting sustainable growth through the transition to renewable energy using innovative solutions and technologies.

"We are delighted that Forcrowd has obtained its EU Passport following a nearly year-long application procedure, which will allow them to fully launch their crowdfunding operations in two strategic sectors potentially across the whole of Europe; a significant increase in its market," said chief executive officer and chairman Francesco Gardin.

At 1158 BST, shares in Quantum Blockchain were up 5.94% at 0.87p.

Reporting by Josh White for Sharecast.com.