Tim Draper Purchases 10% of Credo Tokensbr>
Billionaire venture capitalist Tim Draper has purchased 10 percent of all Credo tokens, a new token aimed at solving the problems of email spam. Credo’s official initial coin offering (ICO) for the public is taking place on July 26.
Draper is an aggressive financier in bitcoin. On June 27, 2014, Draper purchased, for an undisclosed price, nearly 30,000 bitcoins which had been seized by the US Marshals service and auctioned to the public. The accumulation of bitcoins was estimated to be worth US $19 million at the time.
Last month, Draper invested in two new tokens – Tezos and Bancor, whose ICOs have each raised over $100 million dollars. Draper previously made multiple investments in Credo’s parent company BitBounce, a cryptocurrency spam solution that uses blockchain technology.
Credo is built on the ethereum platform and complies with a standard for tokens called ERC20. Credo tokens will be used as a payment method for an email service provided by BitBounce. The BitBounce email service allows users to send direct email messages to the leaders of various industries. The service also includes incentives to ensure that the recipients of the emails will answer them.
BitBounce has around 7,832 active users and its week-over-week and month-over-month growth rates are 41% and 293%, correspondingly. The solution is currently able to process over 42,000 emails per day on behalf of users, which added almost 655,000 new whitelist members.
The Credo team is seeking to raise a maximum of $20 million in their token sale.
“Token offerings allow entrepreneurs a new way to transform society,” said Draper. “They are doing everything from banking the unbanked to streamlining how people transact business to helping secure people’s identities. Credos solves the SPAM problem, allowing legitimate advertisers to pay to connect, while allowing people to put value on their time and attention.”