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

Newly published public documents indicate that one of the co-founders of LinkedIn is raising as much as $20 million in a SAFT sale.

AccessTimeIconJun 4, 2018 at 4:15 p.m. UTC
Updated Sep 13, 2021 at 8:01 a.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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

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.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.