Hive Project Raises $8.95M in ICO

Announcements, FinTech, ICO News, Investing | August 23, 2017 By:

The Hive Project has raised $8.95 million USD (2,087 BTC) from 2,234 participants through its initial coin offering (ICO) to build its own blockchain-based invoice finance platform.

The Hive Project’s end-to-end platform uses blockchain technology to offer small to medium businesses access to short-term financing by turning their accounts receivables into tradeable assets. Small business will have access to finance independent of centralized intermediaries.

The platform uses the ethereum blockchain and smart contract technology to assign a unique fingerprint to every invoice issued by tokenizing invoices and publishing them on blockchain. This innovation enables businesses to automate their invoicing process, bringing blockchain technology closer to commercialization.

Last month, the company announced that it will be offering a full marketplace with advanced trading analytics for peer-to-peer lending. This will rapidly increase the liquidity available to small businesses and create a central database of invoices available for scoring and auditing. In addition to bridging the liquidity gap for small businesses, the technology provided by the Hive Project will help credit checks made on companies and facilitate rapid and real-time auditing.

The company said that 1,500 BTC of the funds raised will be devoted to the development, marketing, and implementation of the platform, and the rest will be set aside for the liquidity pool (HVNX). The HVNX will fuel the growth of the marketplace, thereby hastening the adoption of the Hive platform and generating faster returns for contributors.

“For too long, SME’s have been left out in the cold by traditional lending systems which favor large companies,” said Hive Project co-founder and CEO Jure Soklic. “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.”