Liquid Mercury's subsidiary ACQUA1 has settled its initial MERC swap fundraising on September 1, followed by the destruction of 563.23 million MERC tokens on September 2. Investors exchanged MERC at a rate of 10 MERC per unit of non-voting Class B units. CEO Tony Saliba noted that dozens of companies have sought asset tokenization through its technology in the past 18 months. Remaining settlements are expected around October 30 and December 31, with possible conversion rate adjustments.
Liquid Mercury announced that its subsidiary ACQUA1 completed the initial settlement of its first MERC swap fundraising on September 1. Under the operating agreement, ACQUA1 must destroy all MERC it receives within five business days after each settlement.
On September 2, ACQUA1 transferred 563.23 million MERC tokens received from the first settlement to a burn address, completing the destruction. Investors swapped MERC for non-voting Class B units of ACQUA1 at an initial conversion rate of 10 MERC per unit.
Liquid Mercury CEO Tony Saliba said that dozens of companies have approached the firm over the past 18 months seeking asset tokenization via its technology. ACQUA1's remaining fundraising settlements are expected around October 30 and December 31, with possible different conversion rates for subsequent rounds.
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