$26 Million: Ethereum Microfinance Startup Everex Closes ICO

Stan Higgins
Sep 1, 2017 at 09:00 UTC
NEWS

Ethereum-focused startup Everex has raised $26 million in an initial coin offering (ICO) to develop microfinance and remittance services.

The month-long sale raised a total of 1,580 BTC (worth approximately $7.54 million at current prices) and 49,477 ETH (worth roughly $18.9 million) raised.

The firm had previously raised $500,000 in seed funding from the Holley Group, a China-based conglomerate with interests in the industrial and pharmaceutical sectors, according to Tech In Asia. The investment in a financial technology startup was a first for the conglomerate, a representative of the firm said at the time.

Everex currently offers a mobile and desktop-based digital wallet, through which users can transact in and exchange tokens that are denominated in fiat currencies. The startup aims to use the tech as a basis for building microfinance and lending services that use the ethereum network as a payment rail for the tokens.

As CoinDesk has previously reported, the past few months have seen significant interest in ICOs from both investors and regulators alike. Indeed, media attention around the model has spurred action on the regulatory front, including recent developments in Canada, Israel and China.

Per data from CoinDesk's ICO Tracker, nearly $1.8 billion has been raised through ICOs since 2014.

Coloured sweets image via Shutterstock

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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