Swedish cryptocurrency exchange Safello has said its planned initial public offering 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 the 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