Launch Of Tokenbox ICO

There is huge interest in Initial Coin Offerings (ICOs) which are capturing global entrepreneurial attention, but the world regulatory environment remains sceptical.

Both China and South Korea banned ICOs, (which are also known as token sales), last month because of concerns about their potential for deceiving and defrauding investors.

ICOs involve the sale of a virtual internet currency to finance the development of new products, and have seen a rapid increase globally. But they are not regulated like mainstream financial markets and for this reason have attracted widespread criticism.

Despite such risks, it is estimated that companies have already raised $1.8 billion this year using ICOs.

The latest new fund creation and management platform to be launched is called “Tokenbox” and its inventor Viktor Shpakovsky, unveiled the new project yesterday at an industry conference in the appropriately revolutionary venue of Barcelona.

Tokenbox is a comprehensive system designed to supply all the trading and compliance infrastructure needed to create new investment funds specialising in the fast-evolving cryptocurrency asset class. 

Shpakovsky claims that it is designed to serve both the needs of fund managers and traders on the one hand, and investors on the other.

“Today we have a lot of people who are interested in investing in crypto assets, and a lot of people interested in doing fund management,” Shpakovsky says.

What problems do funds and traders have? Legal issues, and not much professional software. What problems do investors have? Shady funds and traders. Security issues. Tokenbox is an ecosystem aiming to solve all these issues at one place.”

Traders and funds will be registered through the system’s licence, and will then gain access to a large community of already authorised investors who have been through compliance checks. Meanwhile, for their part, investors will get access to a wide range of funds and traders, which have also already gone through strict due-diligence procedures.

The company is placing a major emphasis on the system’s security and is working with an internationally recognised cybersecurity firm Group IB specifically on security issues.

Shpakovsky is developing Tokenbox partly based on his experience creating “The Token Fund”, one of the first successful crypto asset funds. That fund was priced at $10 per token when it launched in March, and it is now valued at about $40 per token.

The Tokenbox ICO will offer a maximum of 31 million tokens at $1 each under the Cayman Islands jurisdiction. The crowd sale is scheduled to begin 24th October and close on 7th November; Tokenbox’s virtual currency symbol will be TBX and the company has its headquarters in Moscow.

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James Wilson

James Wilson

James Wilson is a Founding Director of the EU Ukraine Business Council. He is a long term resident of Brussels, has more than 30 years international business experience in public affairs and corporate communications, and is a regular contributor to EU Today.

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