Bitcoin, Cryptocurrency And Blockchain News

Origin Protocol Sets a Target of $6.6 Million in Upcoming ICO


Origin Protocol, a platform used to create economic marketplaces using Ethereum blockchain and InterPlanetary File System, is planning to raise $6.6 million in an ICO led by investment advisor CoinList Capital.

Interested investors can register for the ICO after passing Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. Once individuals are selected, they can start investing in the sale starting from June 28th.

Jon Hearty, head of business development at Origin, wrote:

It’s important to point out that we are not raising this round because we need more money at this time, but rather because we want to include a wider swath of investors from all over the world that can ultimately evangelize our vision, spread the word to their local communities, and participate in the early growth of the network.

In April 2018, Origin raised $28.5 million in a strategic round with investors from venture capital firm Foundation Capital, Coinbase’s first investor Garry Tan and Reddit’s founder and former CEO Alexis Ohanian. Origin had previously raised $3 million in an advisor round led by cryptocurrency venture capital company Pantera Capital in 2017.

According to the roadmap, Origin will distribute tokens and launch 3rd party decentralized applications in the third quarter of 2018. Talking about the latest round with Coindesk, co-founder Josh Fraser said, “There’s so many scammy projects out there, so anything you can do to set yourself apart is [great] … We’re really excited for a chance to work with CoinList and to be able to be the recipient of a very anticipated sale. If you look in our Telegram, you see people asking every single day to be a part.”

Fraser added that Origin will help build marketplaces for applications such as decentralized Uber and decentralized AirBNB. He concluded that the company is following the roadmap and everything is on schedule.