Oddity launches a digital token and aims to democratize investing

Oddity, the parent company of several d2C beauty brands including Il Makiage and SpoiledChild, has launched Oddity Token, a digital security token built on the Ethereum blockchain. (Some say blockchain is the future of the beauty industry, and it may even encourage recycling.)

The token offers investors a new way to participate in company performance. The launch makes Oddity the first non-crypto company to tie digital security to stock ownership — a first-of-its-kind “financial innovation,” according to the company — connecting the world of digital assets to conventional markets.

“By offering this pioneering token, we are democratizing opportunities for investors by expanding individual access to Oddity securities, as we continue to disrupt and redefine the beauty and wellness category,” said Oran Holtzman, co-founder and CEO of the company.

The Oddity Token is a digital security that automatically converts into Oddity Class A common stock upon an IPO. The security token has the advantage of encoding key data on the blockchain and deploying smart contracts to perform certain functions. When implemented at scale, this innovation can have significant cascading capital efficiency benefits in capital markets.

Holtzman adds, “Crypto and blockchain technology opens up huge opportunities for consumers and capital markets. With this offering, we are building a new bridge to connect traditional markets to the dynamic world of digital assets, where the potential for innovation is huge.”

Lindsay Drucker Mann, Global CFO at Oddity, comments: “We believe in a future where titles are not just records of ownership, but also functional lines of code. The potential use cases for this technology are enormous, and as a digital and technology company, we believe we are uniquely positioned to help drive it forward.

The Oddity Token offer will be open from April 26, 2022 to May 11, 2022.

Photos: (L) via Instagram @ilmakiage / (R) Ivan Babydov at Pexels

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