Chinese blockchain content startup Press.One has broken the $80-million mark in its initial coin offering, in one of the largest offerings of its kind so far.
While not the largest worldwide, the ICO has set a new record for an offering in China, and has been celebrated as a significant milestone in the development of the country’s nascent blockchain startup scene.
The startup has been pioneered by Li Xiaolai, one of China’s biggest investors in bitcoin. Launched on the EOS blockchain, the ICO raised almost 6,000 bitcoin, over 100,000 ether, and over 30 million EOS from other 14,000 individual investors.
While the launch no doubt represents a significant development for the industry, it has been regarded in some quarters as a disappointment, in part due to initial funding expectations of around $200 million.
One of the most significant obstacles to hitting the original target has been the significant decline in cryptocurrency values over the past few weeks, falling 18 percent, 26 percent and 46 percent in value respectively for each of the cryptocurrency investment classes.
However, others have flagged some concerns about the underlying offer, attributing this in large part to the ICO’s failure to reach its original target.
The ICO has been criticized for the lack of a white paper, now something of an expectation in ICOs dealing with what are often complex technical topics.
There has also been some criticism of the development team, and the lack of transparency into the individuals working on the project and their backgrounds.
Press.One is a content distribution service based on the blockchain, similar in style to services like Steemit, which reward content creators in cryptocurrency based on the value of their contributions to the community.
While the Press.One service is not without its detractors, a large part of the popularity of the ICO could be attributed to Li Xiaolai’s almost celebrity status, both as a respected investor and previously as one the country’s most famous English language tutors.
His entry into bitcoin came in 2011 when he founded a mining operation, which by 2014 was already reported to be holding over 100,000 bitcoins.
With significant early support for the project, attention will now turn to the development of the service, ahead of its eventual rollout at a later date.
Doc's Picks Service
Need more winning picks? Get $60 worth of premium member picks from Doc’s Sports – a recognized leader and trusted name in sports handicapping since 1971.
Odds Shark Staff Fri, Apr 29, 3:00pmBitcoin