Bitcoin investor Tim Draper has purchased a 10 percent share of Credo, a project that aims to eliminate spam emails. Draper invested ahead of Credo’s scheduled public initial coin offering (ICO). Credo is an initiative of the company BitBounce.
Draper’s credentials as an investor
Draper is widely-known in the cryptocurrency market as an aggressive investor in the leading digital currency Bitcoin. He has already bought a large amount of Bitcoins from different Silk Road auctions. He also actively participated in various ICO projects involving cryptocurrencies. The Bancor and Tezos ICOs were among the successful digital currency projects that were supported by Draper.
Draper’s decision to invest in digital currencies is mainly driven by his desire to diversify his portfolio of investments. Even though there are significant risks in investing in cryptocurrency ICOs, Draper has shown his willingness to take them as long as the projects’ proponents can successfully convince him on the feasibility of their proposals.
The concept of the Credo project is to use tokens as a payment method for an email service provided by BitBounce. The BitBounce email service allows users to send direct email messages to the leaders of various industries. The service also includes incentives to ensure that the recipients of the emails will answer them.
This project appears to be a sound one as BitBounce already has more than 7,750 active users of its email service so far. The company also appears to be processing more than 42,000 emails per day.
On its way to yet another successful ICO?
It is not yet certain if the Credo project will be successfully launched, survive and turn profits in the near future. The support and endorsement of well-known investors like Draper, however, is a proof of its sound concept. Let us wait and see if Draper’s public support of Credo will result in the success of the project’s scheduled ICO.