Civic Just Sold $33 Million Dollars in Tokens with Absolutely No Marketing
Startup company Civic has recently announced that it has sold $33 million worth of cryptocurrency tokens for an identity verification project, according to a report from Reuters. The sale of the cryptocurrency tokens, also known as the Initial Coin Offering (ICO) lets creators of digital tokens sell their tokens to potential buyers so that they can fund some of their projects.
The app development company founded by Vinny Lingham and and Jonathan Smith focuses on creating apps that can be used for identity protection for both businesses and individuals on the internet.
Civic was one of the companies that took part in this token sale that connects companies to create a total of 1 billion tokens each. The tokens are transferred through Blockchain to an online ledger to ensure security of the cryptocurrency. They’ve created their total of $1 billion tokens, in which $33 million worth were offered for sale until June 28. Out of that $1 billion, another $33 million will be given to companies to help with their projects and the rest will be for company’s inventory.
Prior to the sale event, Civic already held a pre sale with 330 million tokens have already been placed. Civic however, put aside 110 million out of the total amount of tokens for the small buyers. The goal of Lingham is to acquire as many buyers as possible who can buy off the inventory of tokens. As of the Wednesday, Civic has already over 10,000 buyers with over 28,000 more who are interested in buying tokens.
With the movement of cryptocurrencies going in a strong direction, it is no wonder as to why the demand for these tokens is very high. In fact, experts predict that cryptocurrencies, particularly Bitcoin, may increase in value as the year progress. There might be some market corrections but ultimately, cryptocurrencies are seen to have a rising trend in general.