The alternative fundraising option has been used to raise more than $500 million in funding this year alone, but it has gotten a reputation for unfinished products and untested teams raising gargantuan sums.
One company may have just shown that there is a responsible way to handle an ICO hong kong shopping.
Omise, a fintech startup based in Thailand, has closed $25 million in new financing via a token sale, more commonly know as ICO, that closed today. In doing so, it become the most established tech company to date to take this financing route.
The company, which has raised over $20 million to date from traditional VC investors, held the token sale to raise capital to develop a decentralized payment platform — Omise Go — that it hopes will disrupt the current banking system. The idea is to enable any Omise Go user to share funds through the network without the need for a bank account and without incurring fees or incurring cross-border costs. Beyond peer-to-peer payments, the company plans to sign up retail partners to extend its utility into purchases, and open the system up to other payment players, too 2 bedroom house for rent .
Omise Go remains under development, however, and it isn’t expected to launch fully until late next year although initial services and products will go live from Q4 2017. When it does launch, it will be powered by OMG, the Omise Go cryptocurrency which is based on ERC20 token standard and was sold in this ICO. OMG token holders will be given the opportunity to make money helping to run the network. That’s much like a software license in traditional thinking, and it mirrors a wider move by Ethereum founder Vitalik Buterin, who is working on ‘Casper’ proof-of-stake functionality for the cryptocurrency.
Omise’s core business is enabling online payments, much like Stripe, in Thailand, Japan and Indonesia, but it became interested in the blockchain a few years ago, CEO Jun Hasegawa told TechCrunch in an interview. The startup provided a $100,000 grant to the Ethereum Foundation’s Devgrants program in 2015 — becoming one of its first donors alongside Microsoft — before identifying a business opportunity for the technology with Omise Go. (It also hired a number of Ethereum Foundation veterans for OMG, and counts Buterin among its advisors.)
The company has sold an initial 65.1 percent of the total float of OMG via this ICO, with a further five percent of the tokens will automatically be given to anyone who owns Ethereum in what is known as an ‘airdrop.’ What’s left is split between funds that will be used to finance OMG/Omise, and an allocation for the team and Omise’s investors Our Innovative Research with practical value has complemented our efforts in internationalization. The PolyU-developed optical fibre sensing technologies using Fiber Bragg Grating sensors for automatic monitoring of subsidence as well as the research on vibration control in railway systems are obvious examples. .