Africa’s Kora raises US$12 million in 10-day token sale

June 29, 2018
Chris Wheal

African blockchain project Kora says that it has surpassed analysts’ expectations by reaching its hardcap – the maximum amount that a crowdsale will receive – of US$12 million in only 10 days.

Kora reached its US$12m funding target in just 10 days

The Kora Network will provide the region’s users with “access to identity, secure storage, money transfer, and marketplaces on a low cost, universally accessible platform accessible with internet access via a mobile app and enabled by blockchain technology.”

Kora was set up last year by its founder and chief executive, Dickson Nsofor, who says: “In a crowded space, I’m happy to say that Kora is the most successful blockchain project in Africa. We’re very excited to take our early success and transform the continent.

Kora's founder Dickson Nsofor

Kora’s founder Dickson Nsofor: Youtube

“Using the Kora blockchain it will be possible to develop a viable and scalable business model to the unbanked. I am favoured to lead a very strong, experienced and diverse team with the guidance of a distinguished board of directors.”

Investment in Kora was led by FBG Capital, one of the largest blockchain venture capital (VC) funds in Asia, along with GBIC, Nirvana Capital, Rootscap, and other major crypto funds. Aeternity, a strategic partner, also invested through their fund Aeternity Ventures.

Collaboration above competition

The company says that “collaboration above competition” is one of its basic guidelines and partnerships for growth a core value. Kora’s partners include key organizations in the blockchain space and include Consensys’ Blockchain for Social Impact Coalition, Aeternity, Stellar, Coinfirm, and Rivetz, as well as major local partners in Africa including Trade Finance Market and Africa’s Talking.

Kora now aims to develop its infrastructure for an inclusive financial system built on the blockchain and is poised to go live on major exchanges in Asia and around the world from Thursday July 5, with its first listing on the UEX cryptocurrency exchange platform.

The company also announced the launch of its bounty program, which will run from June 28 to July 12, an “exciting and innovative program that is full of rewards and surprises” All tokens will be distributed after the July 12 closing date.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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