Aussie-backed ivyKoin closes $19m private token sale heavily oversubscribed
Amid last week’s financial market volatility, Australian backed cryptocurrency ivyKoin has closed its $US15 million ($19 million) private token sale heavily oversubscribed.
ivyKoin conducted a roadshow through Perth, Melbourne and Sydney in the week prior, along with international teleconferences.
ASX-listed Change Financial (ASX:CCA / OTCQX:CNGFF) has a 33 per cent shareholding in the ivyKoin project.
Change Financial Managing Director and CEO Ash Shilkin would not be drawn on the precise size of the final book, but said he understood it to be one of the largest for a product of its kind in Australia.
“The response to the roadshow, and extent of demand amid the recent market volatility, is a validation of ivyKoin’s proposition,” Mr Shilkin said.
“The cryptocurrency market became noisy towards the end of last year — and this year platforms offering real-world utility are most likely to succeed.”
ivyKoin is building a blockchain-based cryptocurrency for business transactions, particularly those exceeding $10,000 which require extensive verification in the international monetary system.
Once implemented, token holders will have the ability to voluntarily de-anonymise transaction data to the satisfaction of financial institutions to facilitate transactions using cryptocurrency with the security and reliability of the blockchain.
Blockchain is a technology that provides a public ledger of transactions. Each “block” is like a bank statement that is connected to other blocks to form a chain.
ivyKoin has the potential to disrupt a global financial transaction market worth $US9 trillion per day.
For instance, one platform, SWIFT, processes some $US5 trillion per day – or $US1.25 quadrillion per year.
Comparisons to Ripple, the world’s biggest alt-coin, with a coin market capitalisation of about $US40 billion have also been made.
“ivyKoin tokens are decentralised transaction validation and have clear utility in facilitating the conversion of cryptocurrency into fiat within the existing financial system, whereas Ripple’s XRP tokens are decoupled from its centralised platform,” Mr Shilkin said.
“ivyKoin is built to be a superior token specifically engineered for its use case.”
Mr Shilkin also noted that ivyKoin’s community members on the Telegram messaging app have been banned from commenting on ivyKoin within Ripple’s feed “whereas ivyKoin welcomes the conversation”.
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