LakeDiamond SA, a company active in the lab grown diamond industry, on 22 October 2018, launched an Initial Coin Offering (ICO), powered by Swissquote Bank SA. LakeDiamond SA intends to raise CHF 60 million via its ICO. Each token sold by LakeDiamond represents a minute of diamond production through LakeDiamond's industrial facilities. Purchasers will have the possibility to convert their tokens into craft synthetic diamonds.
Schellenberg Wittmer advised LakeDiamond SA throughout the whole ICO process and assisted the client on regulatory matters, the negotiations and drafting of transaction documents, the corporate structure, and certain tax aspects.
The team at Schellenberg Wittmer was led by of counsel Olivier Hari (corporate and commercial / banking and finance) and partner Tarek Houdrouge (banking and finance / corporate and commercial), and included senior associate Anh-Thu Pardo-Thai (corporate and commercial), associate Clément Neveceral (banking and finance) and trainee lawyers Jérémie Tenot and Muriel Jarp (both corporate and commercial and banking and finance). For all tax related aspects, the team was led by partner Jean-Frédéric Maraia (taxation) and included senior associate Julien Witzig (taxation).