ICONOMI, the first-ever fund management platform for Blockchains and cryptocurrencies, announced today that their Initial Coin Offering (ICO) had raised more than $10.5 million. The final tally on their record-setting ICO, which was completed on September 29, is $10,576,227.91 invested from 3,498 investors from across the world.
Jani Valjavec, Co-founder of ICONOMI, said:
“We have a very tight timeline to follow. All our energy is focused on the development of both funds. ICONOMI.INDEX is already up, but we are in the process of transforming the first major index of cryptocurrencies into a formal fund that investors can buy into. To achieve this, the vital functions of the fund management platform must be further developed.”
“We are commencing with progression in both technical and new business development, including with legal and compliance. We are already cooperating with two prominent law firms and a highly regarded traditional investment company.”
The ICONOMI ICO becomes the 11th highest funded crowdsale ever, in any category, trailing only The DAO and Ethereum in crowdsales of financial technology. As described in the widely distributed white paper, “ICN” tokens will be issued to all investors on October 9, 2016, ten days after the close of the ICO.
Five different currencies were accepted during the ICO: digital currencies for Bitcoin, Ethereum, and Lisk, as well as US dollars and euros in fiat. In total, 6,901.277 BTC, 199,205.8296 ETH, 3,995,992,5646 LSK, $121,513.00 USD and €2,338,578.91 EUR were invested into the platform during the ICO.
ICONOMI today outlined plans to use the money raised to rapidly accelerate development, beginning with additional hiring, investment in new offices space, and the aggressive development of two funds publicized during the ICO.
ICONOMI’s first actively managed fund is intended to seek high yields, even when viewed in the context of the high-performing cryptocurrency space.
Co-founder Tim Mitja Zagar said:
“ICONOMI.PERFORMANCE will be all about actively looking for great investments, and the team behind the fund has extraordinary track records. We are hard at work conducting thorough research and due diligence on cryptos and have already identified promising investment targets.”
ICONOMI will invest all excess ICO proceeds beyond 10,000 BTC into the ICONOMI.PERFORMANCE fund. The organization expects that investors will appreciate this decision, asserting that profits gleaned will supplement the overall value of ICONOMI. Moreover, individual investors will benefit from the fund’s management fees, which are to be uniquely paid out in the form of weekly dividends.
As a transparent organization, ICONOMI will publish comprehensive reports on a periodic basis, similar to those developed by the Ethereum Foundation. Shareholders will be granted complete access and insight into ICONOMI’s ongoing expenses, a necessary requirement for the proper issuance of dividend payouts to shareholders.
The record total from ICONOMI’s ICO has brought mainstream interest into cryptocurrency investing.
“ICOs are unleashing the whole world’s creativity. Today, to realize a creative idea you don’t need to waste time and energy on start-up presentations. You don’t need to live in San Francisco anymore and investors are no longer asking your age and nationality.”
Zagar agreed, saying:
“ICONOMI’s ICO has flung open the crowdfunding doors into perhaps the last remaining traditional realm of business: the financial sector. We expect more and more fintech startups to be capitalized by ICO instead of through guidance by banks, VCs and other money representing the old economy. With cryptoassets, we’re reaching a tipping point that will revolutionize everything.”