Funding will be used to improve the technology behind the product and hire additional employeesRead more...
Over $3 million was raised with almost 20 million tokens sold to investors
Investing is changing and that is made evident by the numerous number of successful initial coin offerings, also referred to as ICOs, that have been popping up what almost seems daily. Everything from payment gateways to social platforms are being funded through this idea of tokens that can be exchanged on the platforms they are funding for services and products.
In addition to full on ICOs, many companies are also executing pre-sales of their tokens to drum up even more interest in their services. The Jibrel Network is one of the latest companies to finish a successful pre-sale, raising over $3 million and selling almost 20 million of their token, the JNT.
The pre-sale attracted both individuals and institutional investors. Some of the biggest investments came from active token investors such as TaaS Fund, Tech Squared, Aurora Partners, and Arabian Chain.
“We are delighted to form this strategic relationship with Jibrel.” said Ruslan Gavrilyuk, President of TaaS. “We encourage their progressive approach towards solving the real-world problems of global banking, and we are excited to contribute to their bright future”.
Jibrel Network is looking to help bridge the gap between crypto investors and traditional investors by offering what are essentially asset-backed tokens that can be added to the Etherium blockchain. These tokens, called CryptoDepository Receipts (CryDRs), have regulation embedded in the code, meaning traditional investors can feel more confident when investing.
“For companies looking to incorporate blockchain technology in their operating models, integration can be a challenge. Our solution allows institutions to use tokens in the back-end, capitalizing on the benefits of blockchain, without the need to build-out dedicated functionalities and competencies.” commented Yazan Barghuthi, Jibrel Network’s project lead.
The full ICO starts on November 27th.
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