Origin, the startup behind a platform for peer-to-peer services, has raised $28.5 million through a Simple Agreement for Future Tokens (SAFT) sale.
The funding was revealed in a Form D filing published Tuesday by the U.S. Securities and Exchange Commission. Per the document, 190 investors took part in the sale, which occurred between January and April of this year. All were accredited investors, according to the filing, and a spokesperson for the startup confirmed the funding amount when reached.
As CoinDesk reported in December, the startup sold $3 million worth of its tokens to venture fund Pantera Capital. The funding went toward the development of Origin's platform, which its founders described as a system for creating decentralized marketplaces.
A public token sale will occur at some point, co-founder Josh Fraser told CoinDesk. And while Fraser could not confirm a timeline for token distribution, he said "we expect [it] to happen at the same time as the platform launch."
"We already have an early proof of concept on testnet, and are still on track to do our mainnet launch in Q3 of this year. ... Development progress is coming along really well," Fraser said, adding:
Consumers and coins image via Shutterstock
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.