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Blockchain-powered ICONOMI raises $5.8m in ICO, crowdsale ends on 29th September

ICONOMI, a fund management platform for blockchains and cryptocurrencies, has raised approximately $5.8 million in equity and operational capital through an Initial Coin Offering (ICO), which started on August 25, 2016.

According to the official announcement, over 2,270 investors have helped raise more than $5.8 million thus far, making it the 20th most highly capitalized crowdfunding project to date. Potential investors can invest until September 29, 2016. At its close, ICO token holders will exercise 100% ownership of ICONOMI.

“What we’re seeing is that crowdfunding will be considered an option for capital raise in all sectors, even in industries as sophisticated as financial technology. With this funding, ICONOMI will have the resources to begin the inevitable disruption of finance”, Jani Valjavec, co-founder and Director of Technology & Trading, said.

ICO supporters will be issued “ICN” tokens that function as equity shares in a new type of fund management platform specifically focused on blockchain. ICONOMI token owners, or shareholders, will earn weekly profit dividends in the form of ETH as soon as ICONOMI funds are launched. Dividends will come from the trading fees of investment funds under the management of ICONOMI and from the fees of investment funds of independent traders, listed on the ICONOMI fund management platform and in accordance with the fee split schedule.

Developed by the team at European payment processor Cashila, Ethereum-based ICONOMI is creating a disintermediated alternative to the multi-billion dollar fund management industry, “uberizing” traditional Wall Street. With full transparency, ICONOMI will provide the foundation, infrastructure, and guidelines for funds offered on their platform, with varying levels of expected yield and risk profiles.

“ICONOMI’s success is proving that the idea of ‘uberization’ is best for far more than consumer-level services. There is tremendous demand for a platform like ICONOMI to cut out the middleman, lowering the barrier to entry for investment into cryptocurrencies”, Tim M. Zagar, co-founder and Director of Operations & Business, said.

The first ICONOMI funds were revealed last week at Ethereum’s Devcon2 in Shanghai:

  • ICONOMI.INDEX, an index investment fund comprised of a basket of popular cryptocurrencies that minimizes volatility
     
  • ICONOMI.PERFORMANCE, an actively managed fund targeting higher yields and run by credentialed, expert traders.

The ICONOMI Cryptocurrencies Index (ICNX) is now available for investor review, and both funds are expected to launch in Q4 2016. Additional, custom funds created by prominent traders will be available in 2017.

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