Gopher Protocol in $5m ICO licence deal

September 20, 2018
Chris Wheal

A Nasdaq update this morning confirmed that Gopher Protocol Inc, which specialises in Internet of Things (IoT) and AI-enabled mobile technologies, will license its blockchain-based radio-generated digital currency tech to Genesis Blockchain for an upcoming ICO.

Genesis is a Costa Rican-based operation incorporated as GBT Technologies operating a decentralized digital platform. GBT intends to incorporate digital currency tech into its products.

AI specialist Gopher Protocol confirms $5m deal with GBT

Deeper financial services reach

“Our goal,” says Pablo Gonzalez, GBT’s CEO, “is to overhaul blockchain technology as we know it, from a transaction confirmation speed standpoint to a more robust communication infrastructure that is truly decentralized.”

“We believe this will allow blockchain technology to reach further into the mainstream financial services arena as well as accountable data storage, audit and transfer.”

Gonzalez says his company’s tech is a less expensive, faster and more efficient method to store or send data and digital assets on the blockchain “anywhere in the world”.

$5m on ICO launch

ICO boost for GBT

GBT has paid Gopher $300,000 and agreed to pay it $5m upon commencing an Initial Coin Offering (ICO).

“Prior to signing the license agreement, GBT provided an advance of $200,000 to the Company which the parties have agreed will be applied toward the $5m payment when due,” the two companies confirmed in a press release. 

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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