The blockchain-based project, Hive, conducted their first token sale in which they raised over $8.95 million dollars worth of Bitcoin to fund the platform.
Hive ICO Raises Millions
Hive is a blockchain-based project that is intended to be a financing alternative for small and medium enterprises (SMEs) via invoicing.
Today, they announced the successful completion of their token sale, raising approximately USD $8.95 million (BTC 2087) from 2234 global supporters.
The goal is to provide liquidity to SMEs through an alternative route, as the project’s developers believe that the current market environment isn’t fully taking advantage of the $3 trillion invoice finance industry.
To Hive, there seems to be a lot of room for improvement for invoice financing as it relates to SMEs — which is significant considering 99% of European businesses are categorized as such.
Jure Soklic, co-founder and CEO of Hive, believes this sentiment is shared by the businesses themselves and the success of their ICO proves just that.
“The success of our token sale is testament to market recognition of the need to reshape the invoice finance industry and ease the burdens faced by SMEs worldwide by bridging the liquidity gap, while providing attractive investment opportunities for invoice buyers.”
Roadmap and Project Details
The Hive Project is primarily an attempt to make it easier for SME’s to access liquidity.
Theoretically, Hive provides new liquidity to SMEs, enabling platform participants to purchase micro invoices from trusted companies, turning invoices into tradeable assets.
Like most other blockchain projects, it also intends to automate a lot of processes that were once manually dealt with, such as credit scoring assessments and auditing.
Additionally, it will also give liquidity providers real-time actionable data including credit-worthiness.
Hive also gives every issued invoice a unique fingerprint, providing invoice buyers with assurance that the invoice cannot be sold twice.
The project has been in concept development and testing since Q3 of 2016 and the developers plan to have the first prototype ready for release later this year or in early 2018.
Furthermore, the project should actually begin the financing of SMEs in 2018 as well — indeed, most other goals on the roadmap are set between 2018 and 2019.
BTC 1,500 of the funds raised will be devoted solely to the development, marketing and implementation of the platform, and the rest will be set aside for the liquidity pool (HVNX).
The Hive Project, recently awarded first place as the ‘Best ICO’ at CoinAgenda Europe, is in discussions to list HVN on several exchanges spanning the EU, the US and Asia.
What do you think of the Hive platform and their ICO? Let us know in the comments below.
Images Via Hive