Swedish cryptocurrency exchange Safello has said its planned IPO is oversubscribed by 1,240%.

• The IPO was subscribed for 502 million Swedish krona ($59 million) from an initial offering of SEK 40.5 million ($4.76 million), according to an announcement Wednesday.
• “This is another validation of the maturity of the crypto industry and how it is finding its footing in the established financial industry,” said Frank Schuil, CEO of Safello.
• The firm’s shares are expected to start trading on Nasdaq First North Growth Market, an alternative stock exchange for small and medium-sized growth companies in Europe, under the ticket SFL on May 12.
• Safello’s anchor investors include Northzone, White Star Capital and Digital Currency Group, the parent company of CoinDesk.

See also: Crypto Investment Firm CoinShares Begins Trading on Nasdaq Nordic