ICO MARKET UPDATE :: 24 April 2017

Blockchain Capital has successfully closed its digital liquid venture fund token offering, BCAP, on April 10, having raised $10m within six hours of officially opening. One of the first ICOs to be conducted in compliance with US Securities laws, the deal structure also provided investors with an option to pre-fund their investments and thus guarantee allocation once the books opened. Top names in the blockchain industry participated in the BCAP offering as anchor investors, including Matt Roszak, Andrew Keys, Vinny Lingham, Erik Voorhees, Anthony Dilorio, and Craig Sellars, among others. Over 700 investors were allocated for an average order size of c.$13k. The ICO was conducted via The Argon Group’s proprietary issuance platform, TokenHub.

iEx.ec, a French distributed cloud computing network has closed its ICO in just three hours, having raised its target of $12 m on April 19. The company is aiming to build the world’s first cloud network leveraging combined user capacity. Over 1200 investors participated for an average order size of c.$10k. Its token, RLC, will be the sole method of payment for cloud services upon launch. 

WeTrust, completed its offering on April 10, raising c.$5m from 1,790 investors for an average order size of $2.8k. The company is building a platform for trusted lending circles.

Major ICOs currently on the road include:

  • The Legends Room, a Las Vegas’ gentlemen’s club, restarted its token sale on April 18. The sale was canceled earlier because the underlying deal to purchase a club fell through. Since then, the Legends Room team has found a new location and launched a token sale on Bittrex. The token offering has raised c.$0.6m so far and will be open until May 15. The ICO size has been increased from $15m targeted initially to $30m.
  • Humaniq, a banking platform for the unbanked, is completing its ICO on April 27 and has so far raised c.$4.2m from 10,450 investors.

Most talked about upcoming ICOs include:

  • Storj, a decentralized cloud storage company, announced an up to $20m crowdsale of existing tokens held on its balance sheet on April 19. The crowdsale will start on May 19 and will be open until June 19. Storj is also in the process of migrating its Counterparty token to Ethereum which is targeted for completion by July 19.
  • Gnosis, a prediction market platform, starts its ICO on April 24. Gnosis will be using a modified Dutch auction for its ICO so that the token price is determined by how long it takes for $12.5m in Ether to be sent to the Gnosis sale contract.
  • TokenCard, a depositless Ethereum token debit card and platform, starts its crowdsale on May 2, aiming to raise $4.5m.
  • Bancor is yet to confirm its ICO start date. The company is developing a smart-contract-based token conversion protocol, which enables a single party to convert any token to another, without requiring a second party to exchange with. It achieves this through the use of reserve currencies, which allow for automatic and algorithmic price discovery regardless of trade volume.

We are the Argon Group: the only technology-first investment bank focused exclusively on the digital finance sector — the emerging crypto-currency and token-based capital markets. We provide financial advisory, placement, and technology services to companies seeking to raise equity, debt, and non-dilutive capital. For ICO advisory contact us via info@argongroup.com

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