Australian-backed cryptocurrency ivyKoin just hit digital wallets
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Ivykoin, a digital cryptocurrency part-owned by ASX-listed fintech Change Financial, has just been issued to the digital wallets of investors.
IvyKoin announced overnight that its “token generation event” had been completed and tokens issued.
“Today we reach a new milestone as we announce the completion of the Token Generating Event for ivyKoin and confirm the allocation to the wallets of those involved in the token sale,” the group said.
“A total of 1,610,924,200 tokens were generated and distributed with 54 per cent of these making up the circulating supply.”
ivyKoin closed a $US16.5 million ($21.2 million) capital raising at 10c per token in February.
Change Financial (ASX:CCA) — which owns one-third of the ivyKoin project — told shareholders it owned 130 million ivyKoin tokens with “an expected value of $US13 million ($16.7 million) based on the pre-sale price of US 10c per ivyKon token”.
That accounted for 15 per cent of all ivyKoin tokens in circulation. (Ivy is keeping 742 million tokens in reserve).
Change Financial’s shares gained 9 per cent to 94c in morning compared to a high of $1.38 in February. The company is capped at $55 million.
ivyKoin is building a blockchain-based cryptocurrency for business transactions, particularly those exceeding $10,000 which require extensive verification in the international monetary system.
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.
Ivy said today it would now “dive into the product roadmap, discuss the latest updates from meetings with banks and exchanges, and further cement the core team roles and responsibilities for the next phase of the Ivy Project.”