Chinese Startup Seeking to Be a Major Blockchain Infrastructure Raised Over $2 mln
The ICO crowdfunding of a Chinese startup aimed at making it a major Blockchain infrastructure globally has closed better than expected.
The target for Shanghai-based Metaverse was to raise RMB10m but it closed at RMB14.7m (over $2 million), which, according to Red Li, the moderator of 8btc, is an indication of the hunger the market has had for the pitch.
Li said via Skype:
“Metaverse ICO closed on our crowdfunding site at around 15m RMB yesterday. Metaverse is ambitious in building a web of smart properties. Visions of the public Blockchain shed light on the future development, and I have strong faith in the native Chinese dev team in achieving the goal. The crowdfunding has received far more attention and capital than we expected, which also reflects that the market is hungry for quality pitches.”
He added that 8btc is committed to assist Blockchain innovators and developers from around the world with good Blockchain projects.
Metaverse was initially developed and supported by the development team from Viewfin as a crypto-asset management project. It operates on the philosophy that more people’s lives and work are now heavily dependent on the Internet as they spend more time online than offline interacting with each other. These transactions are expected to increase as smart properties, avatars (digital IDs) and intermediary Oracles become mainstream.
The CEO of Metaverse, Eric Gu, said the fund which was raised in a 31-day period, would be used to support the project, particularly for their marketing objectives.
Gu said in an interview with Cointelegraph:
“It was amazing. It was a journey for us. Now, it’s completed. For us, it’s a new challenge. We need to deliver our project. The Metaverse team will be quite diverse. We will spend money wisely. We are going to market our Metaverse project globally. I’m actually visiting Europe next month and I’ll be in the UK, London (October 3) to give a speech about Metaverse.
We expect the Metaverse’s main net to go live no later than next February. We also expect to kick off 3 major applications based on Metaverse by that time. Two of them focus on digital assets and the other on digital IDs. The fund will be used to establish the projects with our business partners.
There are hardly any public Blockchain projects in China but it is much needed. Metaverse will become a major Blockchain infrastructure in China and globally.”
He mentioned that the ICO fund will be used to strengthen the team which currently comprises of 22 young talents from China, UK and USA in the tech, research and marketing sections and this will ensure it can be expanded to 40-50 people.
The Metaverse ICO breaks the record of investment credits crowdfunding on bizhongchou.com.