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Homepage / News June 4, 2018 81 views

LinkedIn Co-Founder Is Raising $20 Million for Token Project

LinkedIn Co-Founder Is Raising $20 Million for Token Project

Newly published public documents indicate that 1 of the co-founders of employment data platform LinkedIn is raising as a lot as $20 million in a Simple Agreement for Future Tokens (SAFT) sale.

The Kind D published on June 1 shows that Eric Ly &ndash LinkedIn’s 1st chief technologies officer and one of its founders &ndash is raising funds for the Hub Token, which is tied to a forthcoming platform named ICOHub. ICOHub was launched in April, as reported at the time by VentureBeat, with the objective of creating a platform for far more reliable token sales &ndash a noteworthy work given the prevalence of ICO fraud in the ecosystem right now.

As of the Form D filing, the Hub Token SAFT sale has generated $13,588,722 out of a total $20 million getting supplied. Twenty investors took portion in the sale, according to figures included in the filing.

According to the project’s white paper, the token is designed to function as an incentive for constructing trust amongst network participants. Ly told VentureBeat back in April that the platform as a complete is aimed at developing a a lot more verifiable supply of data on token projects and the teams behind them.

“The reputation of an entity may come from folks but also previous company dealings the entity has had, such as past financings, partnerships, and consumers, that would enhance their trust score. ICOHub will rely on a ‘web of trust’ from numerous data sources to figure out trust scores,” he told the publication.

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Published at Mon, 04 Jun 2018 16:15:53 +0000