Ethereum-based ICONOMI Raises over $10.5 Million in ICO

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Ethereum-based investment fund platform, ICONOMI, has set a record by raising the 11th largest crowdsale in history through its Initial Coin Offering (ICO), which was completed last month.

In September, the Slovenian-based company announced that it had raised more than $8.9 million in operational capital and equity through an ICO, raising $3 million in the last three days. The first funds were presented at Ethereum’s Devcon2 last month in Shanghai.

However, this latest news from the company shows that it managed to raise $10,576,227 from nearly 4,000 investors worldwide. This makes it the 11th largest raise in crowdsale history for any category and takes third place as the largest FinTech crowdsale, behind The DAO and Ethereum. Investors can expect to receive their ICN tokens, which function as shares, on October 9.

Changing the Face of Fund Management

Through the ICONOMI platform, users will have the option to develop their own managed baskets of digital currencies, which can then be invested in by other users around the world.

It is through this approach that ICONOMI is aiming to change what is currently in place by developing a disintermediated alternative to the multi-billion fund management industry.

During the ICO five different currencies were accepted. There were three digital currencies: Bitcoin, Ethereum, and Lisk, and two fiat currencies: U.S. dollars and Euros. In total, just over 6,900 Bitcoins were raised, under 200,000 Ethereum, under four million Lisk, more than $121,500, and less than €2.4 million were invested.

Plans for the Future

Now that the ICO has closed attention will turn toward how the money will be used in the future.

The company has announced that they will use the money to increase its development, which will include further hiring, investment in new office space, and the growth of two funds that were revealed during the ICO: ICONOMI.INDEX and ICONOMI.PERFORMANCE.

Jani Valijavec, co-founder of ICONOMI, said that the company has a tight timeline to follow as the company focuses on expanding the two funds.

He said:

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.

ICONOMI’S Funds

While ICONOMI.INDEX is a managed fund intended to seek high yields, ICONOMI.PERFORMANCE is focused on looking for the best investments.

Tim Mitja Zagar, co-founder of ICONOMI, said that the team behind the fund has extraordinary track records.

He said:

We are hard at work conducting thorough research and due diligence on cryptos and have already identified promising investment targets.

The company is planning on investing all excess ICO proceeds above 10,000 bitcoins into the ICONOMI.PERFORMANCE fund. Through this individual investors will receive weekly dividends from the fund’s management fees.

Zagar concluded by saying that ICONOMI’s ICO has attracted more investing interest in cryptocurrency.

He added:

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.

Featured image from Shutterstock.

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