A digital asset investment project has netted close to$1.8 million through an initial coin offering (ICO). <\/p>\n
The Digital Developer Fund closed its ICO this morning, raising6,429 ETH worth roughly $1.85 million at current prices over a month-long period. Thecompany behind it, based in the Cayman Islands, had previously invested in domain names through a venture dating back to 2010. <\/p>\n
The effort is one of the latest to use cryptographic tokens to represent shares in an investment firm. According to materials published on the Digital Developers Fund website, token-bearers will receive quarterly dividends distributed through an ethereum smart contract. Any netprofits generated through the fund will also be issued to token-holders. <\/p>\n
As is the case with many ICOs, the sale was blocked to prospective buyers from the US. Other recent examples of this strategy include district0x, a blockchain-based marketplace project that raised $9 million through an ICO at the start of the month. <\/p>\n
Token sales have accelerated in recent months, as shown by data from CoinDesk's ICO Tracker. Nearly $1.7 billion has been raised to date through the model, with more than $500 million during July alone. <\/p>\n
That month also saw a major release from the US Securities and Exchange Commission (SEC) on the topic. The agency publishedits findings from an investigation into The DAO, the ethereum-based funding vehicle that sold $150 million worth of tokens at the-current prices, only to later collapse following a debilitating code exploit. <\/p>\n
The SEC saidthat DAO tokens constitute a kind of security, and that other tokens may fall under this definition. <\/p>\n
Glass marbles image via Shutterstock <\/p>\n
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Read the original here: A digital asset investment project has netted close to$1.8 million through an initial coin offering (ICO). The Digital Developer Fund closed its ICO this morning, raising6,429 ETH worth roughly $1.85 million at current prices over a month-long period. Thecompany behind it, based in the Cayman Islands, had previously invested in domain names through a venture dating back to 2010. Continue reading
\nCryptocurrency Investment Fund Completes $1.8 Million ICO ... - CoinDesk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"