SprinkleXchange, an ethereum-based blockchain-powered stock exchange is reportedly ready to list its first publicly listed company.

According to a report published by Bloomberg, the initial public offering (IPO) platform will list the first firm on in June this year.

The bourse is based in Bahrain and operates within the regulatory sandbox that was set up by the Bahraini central bank.

Alexander Wallin, the stock exchange’s CEO has said that their hope is to list about 35 companies within the next year. After that, they target listing up to 1,000 companies that should be able to begin trading within 3 to 4 years.

The exchange will use the Ethereum blockchain to handle settlement and clearing and will see customers access trading services for listed companies as well as for cryptocurrencies. The platform has also indicated that it would with time offer exchange-traded funds. Trading will be open round the clock.

SprinkleXchange has claimed that the use of a blockchain-powered platform allows for savings in both time and costs compared to what traditional stock exchanges are able to offer. The main benefits come from the automation of key systems

CEO Wallin acknowledged that even though they were the first in offering the service, the reality was that the market would end up crowded. He compared it to “moving from VHS to streaming,” adding that even Netflix pioneered the streaming tech. However, that industry is now teeming with streaming sites.

SprinkleXchange aims to lure those companies whose market cap falls between $20 million and $200 million, and according to Wallin, interest has so far come from various sectors, including firms in real estate.

Already, several traditional stock exchanges have initiated plans to integrate blockchain into their legacy platforms. A good example is SIX, the leading stock exchange in Switzerland, which has announced plans to create a blockchain-powered platform in collaboration with R3, a U.S.-based blockchain consortium.

Meanwhile, the Gibraltar Stock Exchange has launched a service that allows users to list tokenized securities.