CoinMetro raises up to $14m in its ICO, so far

Blockchain-based exchange platform CoinMetro has picked up $14m in its ICO, so far.

The company raised $4m within the first 12 hours of its token generation event being live. Last month, CoinMetro closed its pre-ICO sale on €7m after picking up contributions from 5,000 participants.

There is a 300 million token hardcap for the sale and any that are not sold by the end of March will be burnt, in order to maintain the coin’s value.

Hong Kong-based CoinMetro is a blockchain-based financial platform for consumers to buy and sell cryptocurrencies and access a decentralised exchange for trading. Instant withdrawals on cryptos and the ability to lend tokens to other users and generate interest, will also be made available through the platform.

The company is also exploring the ability to offer investment opportunities by helping users create portfolios and manage assets or provide a vetted ICO marketplace.

Once the ICO has been completed, CoinMetro will look to launch the beta test of its exchange, expand its licensing and launch its debit card.

CoinMetro CEO Kevin Murcko said, “Like most industries that begin to expand quickly into the public consciousness, it needs some structure, some guidance… essentially we need regulation, but we need a regulatory framework that helps us retain the innovative spirit of the space while helping us to protect the consumer and open doors to the traditional financial institutions, like banks, which will be a huge push toward mass adoption.”

Earlier in the month, Multicoin Capital launched a new cryptocurrency fund that will invest in to blockchain-based tokens. The target for the vehicle is $250m, with an expected close to happen by the end of Q2 2018.

Copyright © 2018 FinTech Global

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