Crypto startup manages to raise $10 million through initial public offering (ICO)
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Answer Crypto startup manages to raise $10 million through initial public offering (ICO)
The crypto market went through a phase where ICOs were at their height and peaked in 2017, but it has not paid off since then as investors matured and startups turned to alternative funding methods, away from ICO fraud.
But recently one startup proved that ICO offerings are still doing well as one of the startups operating out of Silicon Valley managed to raise $10 million.
The Tweet embed The Dutch auction was successfully sold this morning, raising $10,000,000 from the community! Check out the story for more information:
– CoinList (CoinList) May 13, 2020
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announced cLabs, the company behind the Celo blockchain project, yesterday announced that it raised $10 million through an ICO token sale on the offering platform CoinList.
The crypto startup sold 10 million Cello Gold (cGLD) coins for $1 to approximately 509 investors.
According to a statement by Celo, the investors are of different nationalities and regions (over 130 countries), but the United States was not one of them.
CoinList, a subset of AngelList, is a token sales platform that describes itself as compliant.
For the sale of Celo tokens, residents of the United States were prohibited from participating (possibly due to securities laws and SEC oversight), along with those residing in a number of other restricted jurisdictions.
Those who participated in the purchases were required to undergo KYC and anti-money laundering procedures.
Previously, Celo raised nearly $25 million in funding from venture capital firms such as Polychain Capital and Andreessen Horowitz’s crypto venture investment arm.
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The project positions itself as a competitor to Facebook’s Libra project, and similarly aims to reach people without bank accounts.
Last week, CELO added a total of 20 new members to its alliance, which now has more than 70 members (some of whom also belong to the Libra Association).
CELO is currently preparing to launch several new mobile-friendly financial services, such as the ability to send crypto funds to phone numbers, rather than long and complex wallet addresses, as well as its work on other projects.
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