Singapore Firm Tests ICO Thirst
MAS-regulated peer-to-peer lender Crowd Genie announced an initial coin offering.
Crowd Genie is a licensed and fully operational peer-to-peer lending platform that focusses on giving small- and medium-sized enterprises access to loans from individuals and companies.
Last March, it was granted a dealing in securities license by the Monetary Authority of Singapore, making it one of a few peer-to-peer lenders in Singapore to hold such a license. With the platform now fully functional for approximately 20 months the firm has embarked on a initial coin offering, or ICO, to raise money.
Asian Craving
Under its ICO, Crowd Genie is offering 60 million coins for sale at the price of one Ethereum for 400 CGCOINs, as the Crowd Genie tokens are known. The public sale, which runs through February, aims to raise at least $5 million.
Cryptocurrencies are under pressure following the massive hacking attack on Japanese cryptocurrency exchange Coincheck that saw $532 million digital tokens disappear.
South Korea, which along with Japan has fuelled the massive demand from Asia for cryptocurrencies, already signalled it will tighten controls in an attempt to clamp down on speculative buying.
