Blockchain Marketplace Listia Raises $15M USD In ICObr>
Online marketplace Listia has raised $15 million in an initial coin offering (ICO). Listia drew funding from more than 4,000 people during the sale.
The ICO ended in about 12 minutes after it hit the hard-cap of $15 million. Contributors to the sale include ConsenSys Ventures and Tetras Capital.
Founded in 2009, Listia is an auction marketplace for giving and receiving free items. Users list items as auctions, and other users bid on these items using credits instead of money. Credits are earned by signing up, giving away items, and being an active member.
Listia will be launching its reputation system, called Ink Protocol, which is powered by the ethereum blockchain and XNK, an ERC-20 compatible token. It is designed specifically for P2P marketplace transactions where trust between the buyer and seller may be limited. The protocol aims to decentralize marketplaces by enabling users to establish their own credibility without fear of having their profile taken down by the website they are selling goods on.
The company is also planning to create a standalone payments app, so users of local marketplaces such as Craigslist and Facebook Marketplace can build reputation and start using the Ink Protocol right away.
“The Ink Protocol decentralizes marketplaces by allowing buyers and sellers to control their own reputation, choose any marketplace platform they prefer using, and safely pay for goods and services without relying on any central service provider,” said Listia CEO Gee Chuang.