Entrepreneur Vinny Lingham to Announce ICO at Consensus 2017

The CEO of blockchain identity platform Civic is expected to announce a forthcoming token sale today.

May 23, 2017 at 3:15 p.m. UTC
Updated Sep 11, 2021 at 1:23 p.m. UTC

Updated 23rd May, 2017: This article has been updated with additional details from Civic.


The CEO of blockchain identity platform Civic is expected to announce a forthcoming token sale this Thursday.

According to Vinny Lingham, founder of Civic and former CEO of mobile gift card platform Gyft, the reveal will be made during his talk today at CoinDesk's annual conference Consensus 2017, where he is set to unveil a new product that the tokens will seek to incentivize.

Civic plans to issue its tokens on the ethereum platform for the sale, though a final token will be issued on the RSK platform. Launched earlier this week at Consensus 2017, the platform aims to enable smart contracts on top of bitcoin. (Civic uses the bitcoin blockchain to store hashes it uses for its identity attestation services.)

Civic tokens will provide access to the product and allow token holders participants to benefit from its network effect, he said. Overall, Civic plans to raise $33m by selling 330 million out of 1 billion outstanding tokens, which would make it the highest-earning token sale ever. The rest of the tokens will be allocated to enterprise partners and developers.

Lingham is now working with law firm Perkins Coie, Tokenmarket.net and the Argon Group to launch the sale, which is expected to take place during the first week of June.

Founded in 2016, Civic raised $2.75m last year at launch. A white paper detailing the tokens is to be released soon.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Civic.

Image via YouTube

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, 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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Institutional DeFi Enabler? Data Firm Kaiko Probes DEX Liquidity With New Product

The data feed unpacks what’s what in Uniswap, SushiSwap, Curve Finance and Balancer asset pools.

The data feed unpacks what’s what in Uniswap, SushiSwap, Curve Finance and Balancer asset pools.

2
US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

3
First Mover Asia: Pine Wants to Test the Liquidity of the NFT Market; Cryptos Are Well-Red

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

4
CFTC Chair Indicates Agency Will Increase Crypto Enforcement: Report

Rostin Behnam said the agency was facing a rapidly increasing number of cases and would add resources to address crypto fraud.

Rostin Behnam said the agency was facing a rapidly increasing number of cases and would add resources to address crypto fraud.