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