ProtonMail confirms ICO intentions

July 24, 2018
Chris Wheal

ProtonMail, the privacy-oriented encrypted email service has confirmed it is to launch an initial coin offering (ICO).

The company’s chief technology officer Bart Butler officially announced on Twitter that the company was exploring the ICO option.

Butler’s tweet was in reply to a user who threatened to delete his ProtonMail account after hearing that the project might start issuing tokens. Butler insisted the company was not looking to cash out through the token sale.

It appears that ProtonMail’s plan is to sell a token called ProtonCoin. As initially reported in Cryptovest, the domain information for the ICO website, protoncoin.com, was actually registered at the beginning of 2017.

The website content indicates that ProtonMail is considering an ICO because it wants to use blockchain technology to expand its level of service.

As for the token itself, the company plans to make it part of its ecosystem to decentralize the service and thus boost its resilience against any attempts to interfere with its operations.

“ProtonCoin is the building blocks for what may be the world’s first decentralized organization that distributes the participation rights of Proton widely so that no single entity can exert complete control over the ecosystem that we are developing,” the company says on its site.

Details on the ICO plan and any specific launch timings remain vague as things stand.

 

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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