ICONOMI Fund Becomes 20th Largest Crowdsale in History – Blockchain Bitcoin News


ICONOMI Fund Becomes 20th Largest Crowdsale in History

The Blockchain-Powered ICONOMI, a cryptocurrency management fund, just announced it has raised $5.8 million in 88 hours. The crowdsale has made the ICONOMI fund the 20th most highly-capitalized crowdfunding project to date.

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ICONOMI Crowdsale Raises $5.8M During Initial Offering

ICONOMIICONOMI claims to be the first-ever management fund for blockchain technology and cryptocurrencies. Over the course of three-and-a-half days, the team has raised $5.8M, showing both individual and institutional interest. Before this project, the development team behind ICONOMI created Cashila — one of the first registered Bitcoin companies in Europe.

The new fund management platform aims to provide a foundation, infrastructure, and guidelines for all cryptocurrencies offered. The project includes estimated returns and risk profiles for individual projects.

ICONOMI revealed its first listed cryptocurrency funds last week in Shanghai. Cryptocurrencies included are Bitcoin, Ether and Lisk. Additionally, traders can invest in fiat currencies. The ICONOMI cryptocurrencies Index (ICNX) is available for people to review, and funds should launch in Q4 of 2016.

Jani Valjavec, co-founder and director of technology & trading, stated during the announcement:

What we’re seeing is that crowdfunding will be considered an option for capital raise in all sectors, even in industries as sophisticated as financial technology. With this funding, ICONOMI will have the resources to begin the inevitable disruption of finance.

Different Than Traditional Management Funds

ICONOMI Founders
Tim M. Zagar and Jani Valjavec of ICONOMI

Traditional management funds procure assets or cash flow for clients, and help protect them from risks.

ICONOMI claims its approach minimizes error and uses flexible trading strategies to curb market impact.

Also unlike current managed funds, ICONOMI investors deal with crypto- and some fiat currency denominations. Additionally, users can withdraw or liquidate holdings at any time.

Security Assurances

ICONOMI’s native currency may also be traded on major exchanges. The team says fiat currencies are regulated, and insured through a major bank. It holds cryptocurrencies in escrow using multi-signature technology. Developers said asset security is a top priority.

ICONOMI says it will deploy a unique ICONOMI hardware random key generator, extensive encryption, and multifactor authentication. When it fully launches the fund, token owners and shareholders will earn weekly revenue dividends in the form of Ether.

Dividends will come from trading fees associated with funds under ICONOMI management. Fiat investors will need verification for additional tiers of investment as they are subject to EU-wide AML/KYC policy.

Investment Platforms Within The Cryptocurrency Industry May Legitimize Markets

Tim M. Zagar, co-founder and director of operations & business, believes there is significant demand for this type of investment vehicle. Zagar says ICONOMI cuts out the middleman and lowers the barrier to entry compared to traditional managed funds. The recent crowdsale showed at least 2,270 investors are interested in the platform.

These types of investment methods are making more headway into the cryptocurrency than ever before. London-based startup DLT Financial is launching a fund to track an index of the top ten cryptocurrencies on the market as well.

Some believe these types of investment vehicles will legitimize cryptocurrencies more by attracting mainstream individuals and institutional investors. However, it remains to be seen if these cryptocurrency basket fund investments will catch on.

What do you think about the ICONOMI platform? Let us know in the comments below.

Source: Press Release

Images courtesy of Shutterstock.

Tags in this story
Crowdsale, ICONOMI

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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