The team of InChain, a platform for risks insurance, failed to raise the required funds in its ICO, announcing it would repay the investors. All investors that had supported the project during the ICO will be reimbursed in full.
“Dear friends, despite all your outstanding support, we regret to inform you that we have been unable to reach our fundraising goal. Many thanks for your help and lots of very interesting and sometimes challenging questions. Everybody who invested their funds will be refunded soon according to our terms and conditions,” the company’s founder and CEO Sergei Primachik wrote on Facebook.
InChain planned to develop a platform for insurance of cryptoassets against hacks, technological failures and other risks that may result in full or partial loss of funds. Additionally, the project planned to provide investment opportunities and insurance fund governance via a DAO.
Initially, InChain’s ICO was scheduled to kick off on October 12, however, two days prior to the launch the team had announced a postponement justifying it by the need to run additional legal compliance checks. Back then, the team stated that it values its investors the most, so they had to make sure everything was in line with legal requirements.
However, even though the crowdsale eventually launched, the campaign failed to accumulate the required funds.