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

NEWS
Stan Higgins
Jun 4, 2018 at 16:15 UTC  |  Updated  Jun 5, 2018 at 02:11 UTC

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

The Form D published on June 1 shows that Eric Ly – LinkedIn's first chief technology officer and one of its founders – is raising funds for the Hub Token, which is tied to a forthcoming platform called ICOHub. ICOHub was launched in April, as reported at the time by VentureBeat, with the goal of creating a platform for more reputable token sales – a noteworthy effort given the prevalence of ICO fraud in the ecosystem today.

As of the Form D filing, the Hub Token SAFT sale has generated $13,588,722 out of a total $20 million being offered. Twenty investors took part 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 building trust among network participants. Ly told VentureBeat back in April that the platform as a whole is aimed at building a more verifiable source of data on token projects and the teams behind them.

"The reputation of an entity might come from individuals but also past business dealings the entity has had, such as past financings, partnerships, and customers, that would increase their trust score. ICOHub will rely on a 'web of trust' from multiple data sources to determine trust scores," he told the publication.

Image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

LinkedInSAFTHub TokenEric Ly