Srp 14

Tezos to Open $50 Million Venture Fund After Raising $232 Million

· August 14, 2017 · 4:00 pm

Tezos, the startup whose recent ICO raised $109 million in less than 15 hours and a total $232 million in just three days, has announced its plan to open a $50 million venture fund.


The $232 Million ICO

Tezos - The $232 Million ICO

With the recent hype surrounding ICOs, more and more startups are trying to raise money through token sales. This July, the U.S.-based startup launched its initial coin offering and was able to raise $232 million, which at this time is the second largest amount any ICO has raised, coming in just behind the Filecoin ICO, which managed to raise the record breaking $250 million.

The blockchain startup is offering what they describe as a “self-amending cryptographic ledger”, a decentralized platform for smart-contract verification and validation, which is primarily focused on banks, financial institutions, and corporations. Not content to rest on their recent laurels, Tezos have been focusing on the development of their own VC fund, which they announced in their August update.

The VC Fund

Tezos ICO

Usually, when start-ups raise huge amounts of funding, they primarily invest it in growth, research and development, or marketing initiatives. Tezos decided to take a slightly different approach for their funding distribution. According to an article by Crowdfund Insider, Tezos’ new $50 million VC fund will mainly focus on investing in startups and companies that use the Tezos platform. The remaining funds are being slowly diversified and invested in more traditional investment vehicles like stocks, bonds, and precious metals.

The idea of the venture capital fund is to drive more third-party development for the Tezos blockchain, and thus help grow the Tezos platform. The fund will also invest in projects that they feel will help promote general blockchain development. It is also worth noting that due to the blockchain split on August 1, in addition to the bitcoins that were raised through the ICO, the startup has also received the equivalent amount of BCH which they are planning to invest into various assets.

In their August update, the Tezos team had the following to say about their new venture capital fund:

We are extremely pleased to announce a commitment of $50 million in venture capital funding to companies looking to build on the Tezos platform. This capital will be partially deployed through venture capital partners to be announced, as well as through a direct venture arm. The innovation and growth of the ecosystem is the top priority of the Tezos Foundation.

Currently, the team is actively coding on the long-awaited platform that will power a new kind of smart contracts.

What are your thoughts on the new $50 million venture capital fund from Tezos? Do you think that it will help promote their platform? Let us know in the comments below!


Images courtesy of Pexels, TezosFoundation

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Čvc 06

Can CREDO Take Its Place Alongside Visa and Mastercard?

· July 6, 2017 · 11:52 am

Saint Petersburg, Russia-based CREDO have developed what is being dubbed a “next generation payment system” that makes everyday shopping easier for both buyer and seller alike.

[Note: This is a sponsored article.]


What is CREDO?

CREDO is a multi-functional payment system based on a financial algorithm that involves the participation of an independent agent in the transactions of purchase and sale of goods or services. Also called a derivative, the Electronic Certificate enables the parties (buyer and seller) to assume the right or obligation to perform certain actions with respect to the underlying asset.

Some of the features of CREDO include:

  • Innovative multi-brand loyalty program
  • Ultra-high discounts for all types of goods and services
  • Electronic certificates sold for crypto-currency
  • Electronic card linked to a personal bank card
  • Internal processing system independent of any banks
  • High-speed payment system using NFC technology
  • POS-terminals and EMV Java Cards
  • Created to work everywhere in the world just like VISA or MasterCard

CREDO internationality

CREDO’s primary competitive advantage is its internationality. Users of CREDO can buy and sell with any currency and from any country in the world. The payment model is extremely efficient and applicable not only to goods and services but intangible and tangible assets as well. It allows credit and payment operations not only through classic financial markets but through cryptocurrency as well.

Oksana Evseeva, an expert on international investments certified IFRS by the Institute of Financial Accountants in London, weighed in on the potential of CREDO in the global marketplace:

CREDO could be comparative and competitive as Visa and MasterCard using its model on B2B and C2C markets. […] It could work as on B2C as on B2B and C2C markets combining current financial and new crypto-currency markets.

B2C Payment Platform

CREDO’s B2C model works similar to a customer loyalty programs but gives more opportunities for market coverage. Customers can buy goods and/or services at a discount from any participating merchant around the world.

The basic mechanism of transactions in CREDO in B2C sector is as follows:

  1. The Retailer issues emission of Electronic certificates (Derivatives) for future sales of its goods/services
  2. The Operator works with the Retailer, providing payments for Derivatives, and also with Clients, providing sales of Derivatives, with a discount in case of rising clients’ base and loyalty
  3. Clients buy Certificates for goods and services.

The end result is a win-win for all participants. Retailers get more customers and increased working capital, Operators get an increased client base and profit margin, and customers end up paying less for the goods and services they purchase.

CREDO is Real World Tested

Unlike many ICO projects that seek to raise capital to fund the development of their service or platform, CREDO is already being used in real world scenarios, having undergone rigorous testing to ensure full compliance and adaptability for both domestic and international cross-border transactions.

Konstantin Galibus, CEO & Founder of CREDO

Konstantin Galibus, CEO & Founder of CREDO, describes some of their earlier tests:

We carried out a transaction in Europe through Deutsche Bank and VTB Bank in Russia executed a cross-border transfer for purchase liabilities of one of our Spanish counterparties. While Deutsche Bank, which acted as a correspondent bank, suspended the transfer of funds until the transaction structure was explained, when the processing model CREDO was presented to Deutsche Bank and the economic feasibility was proved, the funds were released and the transaction was concluded with success.

This example demonstrates not only the adaptability of our system to the strictest requirements of international banks but also our willingness to ensure cross-border transactions using an absolutely independent financial instrument.

Since then, CREDO has been used by over 1000 customers throughout China, UAE, Spain, and Russia. Over 9000 transactions have been completed totaling over 16,120,000 EURO. In a recent tweet, CREDO announced that additional pilot projects are in the works:

According to the project whitepaper:

CREDO has a patent for the designed system. The functional of the business model of CREDO has already been provided with all the necessary software and hardware and confirmed by positive test results in Europe. CREDO is a real financial project with its own technical processing, POS terminals, and EMV Smart Cards.

CREDO Pre-ICO in Progress

Launched on June 25, 2017, CREDO’s first round Pre-ICO is already under way. The ICO seeks to raise $5.5 million USD. Funds raised during the ICO will be used to:

  • Fund the cash turnover and create a new Operator in the system needed for the Cash-Forward payment model of CREDO’s B2C platform
  • Overall system improvements
  • Marketing

The Pre-ICO ends on July 10, 2017, after which it will transition into the main ICO. Investments in the ICO can be made with Bitcoin, Litecoin, or Ethereum.

For more information about CREDO please visit their official website or download their whitepaper. CREDO’s ICO is being hosted at ICO Marketplace.

Does CREDO have the potential to take its place alongside Visa and Mastercard? How will it affect mainstream adoption of cryptocurrency? Let us know what you think in the comments below.


Images courtesy of CREDO, Shutterstock

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Čvc 02

Block.one Breaks Records, Raises $185 Million in 5 Days

· July 2, 2017 · 11:00 am

Blockchain startup block.one raised a record-breaking $185 million USD through the ICO of its EOS cryptocurrency.


The Hong Kong-based startup block.one recently announced that they have raised $185 million in 5 days, through the ICO of their cryptocurrency EOS. The record-breaking amount of funds that were raised, were enough to take the record from the Bancor ICO. The Bancor ICO was able to raise $150 million for its ICO.

The Technology

EOS infographic

Block.one’s product is EOS, a new platform that allows developers to create blockchain apps on top of their protocol. The EOS software will introduce a new kind of blockchain architecture that allows vertical and horizontal scaling of decentralized applications.

The startup also claims that the EOS platform can handle hundreds of thousands of user transactions without charging any fees. On the official website of EOS, the team also stated that the software will be released under an open-source license.

EOS Token

EOS graphic

After many previous ICOs like Status and BAT were sold-out lightning-fast, the block.one team decided to use a take a different approach for the EOS token distribution process. The EOS token distribution will take place over 341 days, starting on 6/27/2017 and 1 billion tokens will be issued in total. According to the official EOS page, the distribution will have several different phases.

The first phase of the distributions took place between June 6th, 2017 and July 1, 2017, with a total 200 million tokens be up for sale. The second phase of the EOS token distribution will start on July 1st, 2017 and 700 million EOS token will be distributed. These 700 million tokens will then be split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each. The final 100 million tokens will be reserved for the block.one team and cannot be traded or transferred.

When asked why they chose to use this particular token distribution method, the block.one team explained:

A lot of token distributions only allow a small amount of people to participate. The EOS Token distribution structure was created to provide a sufficient period of time for people to participate if they so choose, as well as give people the opportunity to see the development of the EOS.IO Software prior to making a decision to purchase EOS Tokens.

What are your thoughts on the EOS ICO? Do you think that the block.one team took the right approach for their token distribution? Let us know in the comments below!


Images courtesy of block.one, unsplash.com

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Kvě 26

Monaco Visa Card ICO Brings Crypto Token Spending To The Masses

· May 26, 2017 · 8:00 am

The cryptocurrency debit card market is gaining a new heavyweight as Monaco continues its 150,000 ETH ICO.


Debit Cards Take Advantage Of ICO Craze

Monaco, which is raising funds to launch its prepaid Visa card for spending Bitcoin and ERC20 tokens with fiat currency, has accrued around 26,000 ETH since the token sale began May 18.

The event marks the fully-fledged entry of crypto debit cards into the ICO realm, which has already seen startups with all manner of USPs benefit from millions of dollars in funding.

“Given the interest in the product over the past six months, it is likely demand will exceed supply,” bullish co-founder and CFO Rafael Melo said in an introductory video.

Speculation-Proofing ERC20 Tokens

Despite the mixed reactions to Ethereum startups’ ICOs in recent months, Monaco is hoping its multifaceted token plans will allay any fears among investors.

FundYourselfNow Crowdfunding Platform Announces Q1 2018 Launch, ICO Starts June 2, 2017

Sales of its MCO token are being performed on a sliding exchange rate to ETH, giving early investors an effective discount. Once the product is launched, a 1% so-called “software license fee” will send a portion of card transactions to a smart contract, generating value over time for MCO.

Incentive schemes such as lack of presale and a referral program are ostensibly designed to improve uptake and prevent ‘whale’ investors controlling significant portions of the token offering.

That said, Monaco is running a bidding program that will award a more advantageous ‘Black’ card to the ICO’s biggest investor.

Novice Users Targeted To Remove Confusion From Crypto Spending

Despite the project only being in worked on for 12 months, the huge surge in interest around Ethereum among lay consumers is generating spending demand. Cryptocurrency exchanges recently reported 600% increases in new users fueled by price rises, many of whom demonstrated a lack of knowledge about what Bitcoin or Ether really are.

Monaco is attempting to keep its product “beautifully simple,” as per promotional literature, using what it describes as “near-perfect exchange rates” to net novice users and beat out competitor offerings with higher fees.

CEO Kris Marszalek went as far as to promise that users would even save “up to 40€ out of every 500€” spent on the Visa card purely as a result of its improved FX rates.

User acquisition will meanwhile take an entirely app-based form, the startup saying it has “solved compliance issues” to enable facial scan and a “3-minute” registration process before cards can be ordered and used.

The ICO is due to conclude June 18.

[Note: This is a sponsored article] 

What do you think about Monaco’s ICO and debit card? Let us know in the comments below!


Images courtesy of Shutterstock, mona.co

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Kvě 08

Blockchain-Based Decentralized P2P IOU Platform, Sikoba Launches Pre-Sale Ahead of Token ICO

· May 7, 2017 · 8:00 pm

London-based decentralized money platform Sikoba has announced its upcoming ICO with a token presale. The blockchain-supported platform is based on P2P IOU’s, and the crowdsale will give participants the opportunity to receive a 50% bonus on SKO tokens — a cryptocurrency designed to fuel transactions within the Sikoba platform. The ICO will take place between April 25 and May 15, 2017.


A Blockchain-based IOU System

Sikoba’s decentralized money platform allows users to offer each other mutual lines of credit, within a blockchain-based IOU system. The P2P credit system is made possible through various smart contracts and gives users the freedom to pay each other with fiat and cryptocurrencies. Sikoba’s smart contracts have specified conditions, fee structures and repayment rules to keep the credit relationships in order.

The platform employs a ’credit conversion’ system that also allows users who do not trust each other to exchange credit safely. On Sikoba, fiat currencies or cryptocurrencies can act as a medium of exchange when there are no credit links between participants, or to repay outstanding balances when needed.

Sikoba’s CEO Aleksander Kampa recently expressed the company’s intention for the decentralized platform to evolve into an entirely independent and self-organizing entity eventually. The Sikoba blockchain could achieve this using its ‘federated Blockchain’ design. This unique blockchain is self-governing, which allows the addition and removal of participants, based on the member voting consensus.

Sikoba’s CEO Aleksander Kampa

This is a permissioned mining model where only authorized nodes add blocks to the blockchain.

Kampa also stated that Sikoba would most likely use Ethereum as a notary, but still perform its primary operations on its own or another blockchain. The blockchain will be chosen based on the relevant criteria of scalability, flexibility, and speed.

Sikoba operates with a small development team, aided by several important supporting members. Still in the pre-alpha stage, Sikoba’s IOU platform is not expected to be fully operational until towards the end of 2017. SKO token presale funds will be appropriated for the expansion of the Sikoba team, to finalize a detailed whitepaper and develop an MVP by the year end.

The Sikoba platform aims to offer a fully functioning virtual credit or IOU system that offers users the ability to attain accredited value, borrowed from another participant without releasing any funds. SKO tokens serve as a type of digital credit and have the potential to become a major aspect of the future credit system.

Sikoba ICO Token Pre-Sale

Sikoba ICO Token Pre-Sale

The Sikoba presale tokens are scheduled for release by the end of June 2017. Participants will receive usable SKO tokens after the platform’s launch, expected in Q3, 2018. The pre-allocation phase has begun on 17 March 2017, and the public presale will start on 25 April.

Following the presale, Sikoba presale tokens will be issued on the Ethereum blockchain. They will later become exchangeable into SKO tokens, which will be used to pay for transaction fees on the Sikoba network.

What do you think of Sikoba’s blockchain-based IOU system? Let us know in the comments below.


Images courtesy of Sikoba, Pixabay

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