Hong Kong based Blockchain company MATRIX Raises $15.5M Via ICO

MATRIX, a Hong Kong-based open source blockchain platform has completed its initial coin offering (ICO) by raising about 13,227.5 ethereum. According to the ethereum’s market price on Monday,  the newly issued MAN tokens of Matrix basically raised approximately US$ 15.55 million.

MATRIX’s ethereum backed ICO sold 13,227.5 ETHs

As per the announcement made by the company, MATRIX sold about a total of 13,227.5 ETHs during the ICO. The sales have been made through 212 transactions. Now, it has 69,543 registered users, out of which 60,924 are the active users of ICO.

The company has further claimed that before the launch of its new blockchain around March in 2019, the MATRIX pool will reach about 250 millions of MAN tokens. Subsequently, within the MATRIX platform, the maximum number of MAN tokens will reach one billion.

This open source blockchain startup was founded in September 2016. MATRIX basically supports machine learning services and smart contracts. It offers technologies to build blockchain networks that are highly flexible and supports self-optimization along with multi-chain transaction and collaboration.

MATRIX is designed to be the blockchain of a new generation. By leveraging the latest AI technologies, it revolutionizes the entire outlook of cryptocurrencies that enables the users with a natural language processing technology. Moreover, it makes use of mining activity with universal value and enhances the security under smart contracts.

Just a day before when MATRIX announced the successful completion of its ICO with 13,227.5 ETHs, the Chief AI Scientist of MATRIX, Steve Deng said in a blockchain conference in Hong Kong:

“We make smart contracts accessible to everybody.”

The blockchain startup is looking at 360 million USD market value with a goal to rank among the top 100 cryptocurrencies worldwide.

China and Hong Kong on ICOs

According to the report of E&Y, last November, Hong Kong and China were ranked among the top five ICO markets that have raised an amount of about US$ 196 million and US$ 256 million respectively. US, Russia and Singapore were on the top of that list.

However, the Chinese authorities imposed a ban on companies issuing ICOs. They are not allowing new projects to raise virtual currencies and cash through cryptocurrencies. Furthermore, local regulators were also asked to inspect 60 of the major ICO platforms.

At the same time, the Securities and Futures Commission of Hong Kong warned the investors against tokens that have been issued through ICO, saying that they may be classified as securities. The reason for the same is FSC’s concern over the increase in ICOs in Hong Kong as a means to raise funds.

What are your thoughts on the popularity of ethereum based ICOs? Despite China and Hong Kong’s ban on ICOs, will there be more ICO projects coming on? Let us know your thought in comments below.

The presented content may include personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for you personal financial loss.

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