Professional social network Indorse closes token sale on around $9m


Token-based social networking platform Indorse has closed its token sale on just over 27,422 ETH.

At the time of the sale, Ether was valued at $330 apiece, which brings the total value brought in just over $9m. More than 1,800 unique accounts took part in the token sale. The tokens will be transferable after the 14th September.

Singapore-based Indorse is a decentralised professional social network platform which allows users to connect, but offers internal rewards and a reputation system to encourage members to add skills and indorse others, with rewards including receiving funds.

The funds from the ICO will be used for the development of the product, sales and marketing, operations and legal costs.

A minimum target for the fundraise was 15,000 ETH and a hard cap had been set at 50,000 ETH.

Earlier in the year Indorse created a partnership with Switzerland-based blockchain support service provider WINGS DAO to help boost the company’s marketing. Following the partnership, 1 per cent of all the Indorse tokens will be distributed to WINGS DAO members.

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