Bitfinex’s Private Token Sale Raised $1 Billion in 10 Days, Exec Says

Cryptocurrency exchange Bitfinex has raised $1 billion through its native token in a private sale, according to its chief technology officer. Paolo Ardoino‏ tweeted Monday that Bitfinex has achieved the target in just 10 days, with participation from “giant” firms from both within the cryptocurrency industry and outside. The funds were collected in the form of USDT, the stablecoin operated by the closely-linked firm Tether, according to the tweet. Some of the investors, which were not named, invested over $100 million worth of tokens each, Ardoino‏ said, adding that others…

Binance, OKEx and KuCoin Are Using IEOs to Command the Spotlight

Token sales haven’t stopped since the 2017 boom. They’ve just changed names. Initial exchange offerings (IEOs) – where a cryptocurrency exchange offers a direct listing and launch campaign for a new startup token – are earning blockchain companies millions in 2019. Two sources, who both requested anonymity to avoid alienating exchange partners, told CoinDesk that some exchanges declined to list their tokens unless their startups paid hefty fees, in various formats depending on the exchange. These fees, the sources said, ranged from 10 percent of the startup’s equity, plus a…

Data Market Ocean Tries New Token Sale After CoinList Offering Misses Target

After a token sale on CoinList failed to reach its target, data marketplace Ocean is trying again on crypto exchange Bittrex International. Ocean Protocol has a vision to become the ecosystem for “a new data economy,” its founder Bruce Pon told CoinDesk. With the release of Ocean’s version 1.0 beta network earlier in April, its tokens are ready to be used on the platform, but the company has not quite met its fundraising goal. Through its initial exchange offering (IEO), Ocean aims to raise $6.77 million in bitcoin, following a previous…

Gate.io Raises $64 Million for Launch of New Exchange Cryptocurrency

Crypto exchange Gate.io has raised $64 million worth of crypto assets in seven days for its own exchange cryptocurrency that won’t be launched on a blockchain for at least six months. One of the oldest Chinese exchanges, Gate.io claimed on Monday that over the last week it was heavily oversubscribed with orders totaling $2.99 billion for the so-called Gate Points, which can be used for offsetting trading fees on the platform. Moreover, each Gate Point further entitles a holder to receive 2.5 Gate Tokens (GT), the native cryptocurrency of Gatechain, the…

Swiss Watchdog Rules Crypto Miner’s ICO ‘Seriously Violated’ Laws

Switzerland’s finance watchdog has found that the cryptocurrency mining firm Envion AG, which raised millions through an initial coin offering (ICO), held the sale illegally and “seriously violated” laws. Announcing the news on Wednesday, the country’s Financial Market Supervisory Authority (FINMA) said that Envion unlawfully received public deposits worth over 90 million francs ($90.33 million) from at least 37,000 investors through its token offering early in 2018. FINMA began investigating Envion in July 2018 for potentially breaking financial market rules. In Wednesday’s statement, the regulator concluded that Envion carried out…

Crypto Startup TokenPay Buys Equity Stake in Heidi Klum Lingerie Maker

Cryptocurrency startup TokenPay is getting into the lingerie business. Revealed in a filing Wednesday with the U.S. Securities and Exchange Commission, the Switzerland-based startup has spent $1.3 million for a 6 percent equity stake in Naked Brand Group (NAKD), the Australian lingerie company best known for supermodel Heidi Klum’s signature fashion lines. TokenPay’s Derek Capo told CoinDesk the move is part of the startup’s broader diversification strategy following a December 2017 token sale that netted 2,000 bitcoin, or roughly $20 million. Spending token sale proceeds on equity investments has been a…

Bittrex Exchange Nixes RAID Token Sale at 11th Hour

Cryptocurrency exchange Bittrex said it canceled an “initial exchange offering” (IEO) just hours before it was set to launch. The RAID Project had planned to raise $6 million through the sale of a token called XRD to the exchange’s customers. But Bittrex said it called off the sale after learning that the issuer’s strategic partnership with an e-gaming data analytics company OP.GG had been abruptly terminated. That alliance “was a vital part of the RAID project,” Bittrex said in a statement. “When Bittrex International became aware of this significant event, we did…

Crypto Mogul Moshe Hogeg’s ICOs Have Unusual Patterns, Analysis Finds

Best-known internationally as the chief executive of the blockchain smartphone startup Sirin Labs, Moshe Hogeg is becoming known for something else in Israel – mounting lawsuits. As reported extensively by regional news outlets, a lawsuit filed in January claims Hogeg misappropriated funds from the sale of new cryptocurrencies for both his own gain and to benefit his investment portfolio, including Sirin Labs. The judge has reportedly given Hogeg until March 15 to settle with the plaintiff, Chinese investor Zhewen Hu. This follows an earlier case involving Hogeg’s company Invest.com that…

Thailand’s Securities Watchdog Approves Country’s First ICO Portal

Thailand’s Securities and Exchange Commission (SEC) has given the green light to the country’s first portal for scrutinized initial coin offerings (ICOs). As reported by Bangkok Post on Wednesday, the decision was made by the SEC’s board of directors and now needs final approval from other government bodies such as the Ministry of Commerce, according to the agency’s director of fintech, Archari Suppiroj. The portal is being developed to protect investors by scrutinizing ICOs and auditing their smart contracts, as well as countering financial crimes by ensuring sound know-your-customer processes. Suppiroj further told the Post…

Security Token Startup Templum Shifts to Private Blockchains

Security token specialist Templum is shifting from public to private blockchains. Announced Monday, enterprise software vendor Symbiont is building a private blockchain and smart contracts system that Templum will use for future security token offerings (STOs) by its clients. Previously, the regulated broker-dealer left the choice of blockchain protocol up to the issuers, but this posed problems, Templum CEO Christopher Pallotta told CoinDesk. Many were choosing ERC-20 tokens that run on top of ethereum, said Pallotta, but that network’s well-known scaling challenges meant trading could be hampered during periods of high transaction…