Crypto e-commerce solution company Storiqa closes ICO on $25m

Online crypto-marketplace Storiqa has closed its ICO on $25m, receiving support from more than 55,000 backers, across 170 countries.

Storiqa is a cryptocurrency marketplace that, when launched later in the quarter, will help SMEs to boost global trading and improve their e-commerce efforts. The platform will accept most common cryptocurrencies and fiat money.

One of the offerings from the platform enables users to monitise through popular social networks, and will give buyers higher cash back rewards. Members of the community can also earn rewards for creating or translating descriptions of tailor-made items.

The company utilises smart contracts to ensure tokens are only transferred to sellers, once the item has been delivered to its destination.

Proceeds from the sale will be used to support the launch of its platform in the coming months. The company’s next steps include setting up partnerships with shops and B2Bs, and launching its own blockchain testnet.

Storiqa CEO Ruslan Tugushev said, “I spent more than 10 years for business development of SME. Their core competences were different but the problems are quite similar. Since I have gained enough experience and put together professionals from different fields I realized that it is time to establish global company which helps any SME to expand business internationally and start trading worldwide in 1 hour.”

There have been a number of high-value ICOs to already close this year. Last week, AML and CTF platform Coinfirm closed its token sale on over $19m. The RegTech solution hopes to improve transparency and democratisation in the financial system by allowing market participants to determine the potential risk of others.

Copyright © 2018 FinTech Global

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