Jinbi Token extends ICO to 31 December 2018
UK and Belarus-based Jinbi says it is extending its public initial coin offering (ICO) until 31 December due to “a large amount of interest” from institutional investors since its 28 June ICO kicked off. So far it has raised $17.5m
Institutional pressure claimed
Once the ICO fundraising is complete tokens will be available to buy on several exchanges though the names of these have not been disclosed.
Jinbi claims its gold-backed token merges traditional investment with blockchain technology – giving a degree of added stability. Gold-backed cryptocurrencies aim to provide a sense of security to owners for their digital cash in the form of traditional fiat assets. The theory is that this allows the token holder to experience the best of both worlds.
Dual industry updates
“The Jinbi token provides both the precious metals investor market and crypto currency enthusiast with an advanced value preservation solution, as well as an innovative and accountable structure using a smart contract on the Ethereum blockchain,” says the company.
Token holders are eligible to receive quarterly precious metals and crypto currency investment reports, though to receive the reports there is a minimum investment of 0.1 ether during the main ICO.