Hive Project, a cryptocurrency-based invoicing platform focused on providing liquidity pools for small and medium enterprises (SMEs), has successfully raised $8.95 million (BTC 2087) from 2234 global supporters in its token sale.

The Hive Project was recently awarded first place as the ‘Best ICO’ at CoinAgenda Europe. It is in advanced discussions to list HVN on several leading exchanges spanning the EU, the US, and Asia.

According to the official release, 1,500 BTC of the funds raised will be devoted to the development, marketing and implementation of the platform, and the rest will be set aside for the liquidity pool (HVNX). The HVNX will fuel the growth of the marketplace, thereby hastening the adoption of the Hive platform and generating faster returns for contributors.

“For too long, SME’s have been left out in the cold by traditional lending systems which favor large companies,” said Jure Soklic, co-founder and CEO. “The success of our token sale is testament to market recognition of the need to reshape the invoice finance industry and ease the burdens faced by SMEs worldwide by bridging the liquidity gap, while providing attractive investment opportunities for invoice buyers.”

Founded this year, the Hive Project seeks to solve the liquidity problem faced SMEs by providing an alternative source of liquidity to that offered by traditional financial institutions. Based on the Ethereum blockchain and smart-contracts, its end-to-end platform helps in avoiding the obstacles and delays associated with centralised intermediaries.

According to the European Commission, while SMEs represent over 99 percent of businesses in the EU, SMEs in Europe and worldwide struggle to successfully tap into the $3 trillion invoice finance industry to fund operations and growth. Hive provides new liquidity to SMEs, enabling platform participants to purchase micro invoices from trusted companies, turning invoices into tradeable assets.

Hive explained:

“Hive automates previously manual, time-consuming processes such as credit scoring assessments and auditing, while simultaneously giving liquidity providers real-time actionable data including credit-worthiness. Hive also gives every issued invoice a unique fingerprint, providing invoice buyers with assurance that the invoice cannot be sold twice. With open and transparent public data of issuer, owner and payer, invoices can be offered to the market for trading.”

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