ICONOMI, a fund management platform for blockchains and cryptocurrencies, has announced that approximately $5.8 million in equity and operational capital had been raised from more than 2,270 investors at an Initial Coin Offering (ICO).
Developed by Cashila, one of the first registered bitcoin companies in Europe, Ethereum-based ICONOMI is creating a disintermediated alternative to the dollar fund management industry, or as they refer to it, “uberizing Wall Street”.
Backers of the ICO will be issued ‘ICN’ tokens that function as equity shares in a new type of fund management platform specifically focused on blockchain. Thus investors will be able to participate in the rapidly growing cryptocurrency market by investing in actively or passively-managed funds. At its close, on September 29, ICO token holders will exercise 100% ownership of ICONOMI.
The first funds are ICONOMI.INDEX, an index investment fund comprised of a basket of popular cryptocurrencies that minimizes volatility, and ICONOMI.PERFORMANCE, an actively managed fund targeting higher yields and run by credentialed, expert traders. Additional, custom funds created by prominent traders will be available in 2017. The ICONOMI Cryptocurrencies Index (ICNX) is now available for investor review, and both funds are expected to launch in Q4 2016.