Fund management platform for blockchains and cryptocurrencies, ICONOMI has announced that approximately $5.8 million in equity and operational capital had been raised through an Initial Coin Offering. Developed by Cashila, Ethereum-based ICONOMI is creating a disintermediated alternative to the multi-billion dollar fund management industry, decentralising traditional Wall Street.
The ICO closes on September 29, 2016 where upon, ICO token holders will exercise 100% ownership of ICONOMI. Backers of the ICO will be issued “ICN” tokens that function as equity shares in a new type of fund management platform, specifically focused on blockchain. According to CoinMarketCap, total existing cryptocurrencies are now valued at over $12 billion, rising from $7 billion at the beginning of this year.