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ARTICLE · 15 SEPTEMBER 2017

Initial Coin Offerings (ICOs) in Australia

HopgoodGanim
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An ICO is a fundraising mechanism using blockchain technology (bitcoin or ether) to sell tokens to fund new projects.

AustraliaCorporate/Commercial Law
Josh Hunt
Josh Hunt
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It was a strong start for Australia's first initial coin offer (ICO) with Perth based company, Power Ledger raising $17 million in the first of two stages earlier this month. The company is on track to raise more than $30 million by the time the ICO closes.

Power Ledger launched a public pre-sale for their token generation event on 27 August and the first 100 million tokens were sold in just over 3 days. Up to a quarter of the tokens were sold within the first hour of the event opening. This is in addition to 90 million tokens already sold to strategic investors, bringing the total value of tokens sold so far to $17 million. The company commenced its uncapped public sale on 8 September 2017.

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