HCash Receives $53 Million In ICO

HCash Receives $53 Million In ICO

The decentralized and open-source cross platform HCash has raised nearly AUD $53 million from its initial coin offering (ICO).

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The decentralized and open-source cross platform HCash has raised nearly AUD $53 million from its initial coin offering (ICO).

The Melbourne-based company reportedly confirmed that they raised 21,000 Bitcoins in a round between June 28 and July 15. In other words, they raised a fiat equivalent of $52.89 million, a record for an Australian ICO. The majority of Hcash`s investors are Chinese, as it was previously reported.

Hcash is said to be the first Australian blockchain that aims to connect between the current mainstream blockchains like Bitcoin and Ethereum, according to Hcash CEO Dallas Brooks. Brooks added that they expect their start-up to mark the beginning of a new era of blockchain technology where isolated blockchains can communicate and recognize each other.

According to Hcash`s website, the platform is designed to be a side chain for both block-based and blockless-based blockchains. Hcash will be a value and information carrier for blockchains. Moreover, Hcash can be applied in fields like financial technology, Internt of Things, Industrial Internet and Ultra Cash, a new decentralized cryptocurrency platform, as explained on their website.

However, at the moment, there are no details of commercial deployment of the technology. Hcash`s ICO comes after that of the Perth-based Power Ledger, the developer of solar marketplace that is a peer-to-peer type. The latter managed to earn AUD $34 million in a recently held initial coin offering.

The success of such ICOs has prompted the Australian Securities & Investments Commission (ASIC) to publish guidelines for businesses who hold ICOs. The commission stated:

“In Australia, the legal status of an ICO is dependent of the circumstances of the ICO, such as how the ICO is structured and operated, and the rights attached to the coin (or token) offered through the ICO.“

The full guidelines can be read on ASIC`s official website.

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