Synereo Launches Fundraising Campaign after Destroying Holdings worth $146m

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Decentralised social network Synereo yesterday announced the launch of its second fundraising campaign, in which it plans to sell a limited amount of company’s equities and native cryptocurrency AMP to general public.

The campaign means to compensate for 50% of Synereo’s AMP holdings that were recently destroyed following a strategic decision. The Tel Aviv-based blockchain startup said in a recent press statement that it does not aim to maintain an “entrenched, centralised position”. But instead, it believes in maintaining the network’s non-ownership status.

“It would not make sense,” Don Konforty, Synereo CEO, elaborated. “It was never our intention to be the central bank for our currency. Such centralisation goes against the very principles Synereo stands for, but merely standing for principles is not enough.”

“That is why we want to distribute AMPs as soon as we can, to begin establishing a truly decentralised economy.”

Synereo, in line with its CEO’s statements, started its campaign on September 19th, which will now run until October 18th. The company now allows participation through three channels: