CyberMiles closes ICO on $30m in less than a day

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fintech insurtech wealthtech regtech ai cybertech esg news

Blockchain platform CyberMiles has closed its ICO on nearly $30m, in less than a day making it one of the quickest token sales to be completed.

The sale saw contributions from participants across 111 countries. There were 420 million CyberMiles Tokens available for purchase, and an additional 280 million during the private pre-sale.

CyberMiles is a decentralised blockchain protocol for business transactions. The solution uses smart business contract modules to facilitate and process transactions, with the platform encrypting user identity, credit history, reputation, and transaction history data.

The platform initially emerged from 5xlab, 5miles’ blockchain development laboratory, with the company being the first decentralised app to use the Cybermiles platform. 5miles is also planning to migrate its 12 million users, and more than $3bn marketplace transactions, to CyberMiles.

CyberMiles Foundation founding member Lucas Lu said, “We’re delighted that our token contribution event has been met with such enthusiastic interest from the community. The public blockchain platform we’re developing has the potential to revolutionize e-commerce, so community support is critical to funding this initiative.”

Last week former BNY Mellon technology head Alex Batlin launched a P2P smart contract platform based on the Ethereum. The company, Trustology, is a network designed to enable trusted entities to operate from individual nodes to gain access to custody, corporate treasury and fund administration solutions.

Copyright © 2017 FinTech Global

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