First blockchain and cryptocurrency fund management entity ICONOMI announced that approximately $5.8 million in equity and operational capital had been raised through an Initial Coin Offering (ICO).
According to the official statement, the company raised over $5.8 million on Monday from more than 2,270 investors, being one of the top most highly capitalized crowdfunding projects to date. Potential investors can invest until September 29, 2016. ICO token holders will have 100% ownership of ICONOMI. Developed by the team at Cashila, ICONOMI is creating an alternative to the multi-billion dollar fund management industry.
ICO investors will get “ICN” tokens that works as equity shares in a new type of fund management platform specifically focused on blockchain. For the first time, investors will be able to participate in this rapidly growing market by investing in actively or passively-managed ICONOMI funds.
First ICONOMI funds were revealed last week at Ethereum’s Devcon2 in Shanghai: ICONOMI.INDEX, an index investment fund comprised of a basket of popular cryptocurrencies and ICONOMI.PERFORMANCE, an actively managed fund targeting higher yields and run by credentialed, expert traders. The ICONOMI Cryptocurrencies Index (ICNX) will be now available for investor review. Both funds are expected to launch in Q4 2016.
All fiat funds are safely kept with the help of a regulated, insured, major bank and all cryptocurrencies are held by trusted escrow partners with multisig wallets. Asset security is naturally the essential factor for ICONOMI developers, who have instituted state-of-the-art practices including a unique ICONOMI hardware random key generator, the extensive use of encryption, and multifactor authentication for withdrawals.
ICONOMI token owners, or shareholders, will get their weekly profit dividends in the form of ETH as soon as ICONOMI funds are launched. Dividends will come from the trading fees of investment funds and from the fees of investment funds of independent traders.
Tim M. Zagar, co-founder and Director of Operations & Business, stated:
“ICONOMI’s success is proving that the idea of ‘uberization’ is best for far more than consumer-level services. There is tremendous demand for a platform like ICONOMI to cut out the middleman, lowering the barrier to entry for investment into cryptocurrencies.”
Jani Valjavec, co-founder and Director of Technology & Trading:
“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.”
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