CyberMiles Announces $30M Raised in Initial Coin Offering

CyberMiles said participants from 111 countries contributed to the ICO, with funds going toward technology.

CyberMiles

Dallas-based CyberMiles announced it has raised nearly $30 million in the crowdfunding phase of its initial coin offering.

Participants from 111 countries contributed to the ICO, the company said.

CyberMiles is a new blockchain platform that is designed and optimized for commercial applications and is led by Dr. Lucas Lu, who also founded the 5miles peer-to-peer marketplace.

An ICO is a new technique which uses the blockchain protocol to help businesses raise funds for their startups.

In lieu of more traditional venture capital or other funding, an ICO gives investors a share of equity in the company.

In its ICO, CyberMiles said it sold 420 million “CyberMiles Tokens,” and that the funds will go toward its technology.

CyberMiles started in fall 2017 by 5xlab, a blockchain development laboratory, and it uses innovative smart business contract modules to facilitate and process transactions with efficiency and transparency.

READ MORE

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