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.
Coloured sweets image via Shutterstock
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.