Cryptocurrency and asset exchange platform Vaultbank has closed its ICO, hitting its soft cap.
While it is unclear how much the crowdsale closed on, its soft cap was set at $2m. The token sale, which launched on February 17th, had a hard cap of $100m, according to the company’s website. A total supply of 240m VB tokens were on offer and represent a beneficial ownership in non-voting shares of Vaultbank.
Around 80 per cent of the proceeds from the sale will be used for the company’s Fund, which will be allocated into crypto investments over the next two months. The remaining equity will be used for product developments and operation costs.
Valutbank is a decentralised exchange platform that aims to bring securities to the global market. The company’s VB tokens offer quarterly dividends by gaining access to the Vaultbank Fund which will consist of secured credit assets. These are decided by an investment and portfolio management team, as well as AI and machine learning technology.
A Valutbank debit card is being developed by the company and will enable the spending of select cryptocurrencies.
Following the close of the sale, Vaultbank’s next goal is to complete the crypto exchange, add cross-exchange trading, increase token listings, and support seamless interaction of exchange platforms and debit cards.
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