We are very pleased to announce that Genie ICO has hit its Soft Cap of $5 million, with another $20 million in the pipeline! We had achieved about $2.5million through crowd sale; with the $3million underwritten amount, the current token purchase crosses the soft cap of $5million.
We have been in negotiations with a few private purchasers for the past month, with a potential purchase of $20 million. However, with the Chinese New Year holidays, the discussions slowed down. Now, that people are back at work in Asia, the discussions moved forward quite quickly.
The token purchasers have signed an agreement to underwrite $3 million to our ICO; with a further allocation of up to $7 million. Besides this, there are 4 other discussions in progress that could add another $10 million.
While we could have announced the token purchase to be $20 million taking into account the allocations; as a matter of prudence, we are only going to take into account the amount that is the underwritten ($3million).
We expect further private sales from the other ongoing discussions in our ICO and will announce these as we feel comfortable that these are going to fructify.
Hitting the soft cap, further strengthens our business plan and sets us up to deliver on our vision faster, and help expand to other markets faster. We are already in the process of expanding our team in Singapore — both technical and business development — and want to ensure that we continue to build and scale a credible business model.
We will be closing the ICO, as scheduled, tomorrow (28th. February) Singapore time. The tokens to be airdropped, contract publishing, and transfer of tokens to our supporters’ wallets should take place over the next week.
Thank you once again for your support, this is the start of the journey to build an Asia-Pacific Asset Exchange on Blockchain.
— Akshay Mehra, CEO
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.