| NEW YORK
NEW YORK May 11 Singapore-based Cofound.it has
launched the sale of its own digital currency to fund building
of its blockchain-based platform to connect start-ups with
investors and experts for funding and advice, the company's
co-founder and Chief Executive Officer Jan Isakovic said on
The sale of its digital currency or token called CFI will
begin on May 24.
The platform is designed for start-ups in the blockchain
space seeking to create their own currency and sell it to
investors. Blockchain, the underlying technology behind bitcoin,
is a financial ledger maintained by a network of computers that
can track the movement of any asset without the need for a
"Our vision is to connect startups, experts and investors
and create a full start-up ecosystem, using the power of the
blockchain technology to fuel the interactions," Isakovic told
Reuters in an email.
"We believe that the key advantage of token crowdsales are
not funds collected, but the fact that the funds come from
engaged supporters. They act as evangelists and early adopters,
helping fuel very fast initial growth when compared to
The company's ultimate goal is to create a platform where
hundreds of thousands of the best startups go to expand their
potential and find investment, Isakovic said.
It would be a venue where millions of experts with proven
track records offer their expertise and where tens of millions
of investors go to find the best projects to support without
worrying about their legitimacy.
Over the last year, blockchain start-ups have been raising
cash by creating and selling their own currencies or tokens in
unregulated offerings that skip banks or venture capital firms
Interest in these deals has been driven by the remarkable
performance of original virtual currency, bitcoin,
which has surged more than 90 percent so far this year, hitting
a record high just shy of $1,900 per token on Thursday.
Isakovic said the first $2.5 million raised will fund the
initial development of the platform and its operations for two
years, which will allow the establishment of the company's
strategic regional outposts.
For every additional $1 million raised above the $2.5
million threshold, Cofound.it will set up a new regional
subsidiary and hire two additional experts that will work with
the company for at least two years.
The company plans to set up regional offices in Europe, the
United States and Canada as well as Asia.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia