In an official press release today, ivyKoin(TM) have announced the outcome of their recent ICO. Initially ivyKoin(TM) had set an Initial Coin Offering (ICO) target of $15M, however due to an unprecedented demand, the offering became somewhat over-subscribed with ivyKoin(TM) eventually going on to accept $16.5M worth of bids. Gary Fan, President of ivyKoin(TM) has commented on the success of this ICO, saying:
"To have greatly exceeded our target subscriber numbers during this initial round validates our goal of bringing a transparency-focused solution to market. With our enhanced technology in place, we're legitimizing an industry that is facing mounting concerns associated with compliance issues and fraud. ivyKoin(TM) was built to fill in those regulatory and industry gaps and bring bankability, legitimacy, and security into the space."
The token has been designed mainly for business to business transactions that hold a lot of value, mainly transactions worth over $10,000 that would normally require extensive investigation and verification in the world of traditional money and finance. The ivyKoin(TM) concept loads the transaction with a great deal of information about the transaction and the customer involved meaning that ledgers are complete and that business transactions are transparent, reducing the risk of corruption and deceit that traditional banking can carry. ivyKoin(TM) wishes to use this additional transaction data to become the number one business to business payment system in the world, not only that, they promise an almost flawless service meaning finances of great value can be transferred safely, securely and above all, quickly, reducing the need for a middle man or an external body to investigate the reasoning for the transaction. The results of the ICO mean that ivyKoin(TM) has a bigger platform that initially planned, meaning the scope through which they are working and looking to fully launch might have changed. Of course, this is only a good thing for the company as they now have the ability to get the ball rolling, sooner rather than later. The press release details that given the impact of the ICO, now they aim to run their primary Token Giving Event (TGE) some time in mid-April. Featured Image Source: Flickr - Great Photo By AntanaInvestment Disclaimer