Blockchain Startup Leverj Raises $13.5 Million in ICObr>
Ethereum blockchain-based startup Leverj has raised 32,512 ETH (approx. $13.5 million) in its initial coin offering (ICO). The LEV tokens will be issued to contributors over the next seven days.
The ICO was originally scheduled to conclude on December 7, but rising ethereum prices brought more hashrate onto the network to solve blocks more quickly. As a result, the block height of the sale was determined to be reached on December 6, causing the company to conclude the ICO earlier than planned in order to maximize the contributions from its community.
The ICO proceeds will be used to further develop its decentralized platform for cryptocurrency derivatives trading. Using the ethereum blockchain, the platform provides traders with a more secure and seamless platform for digital currency exchange.
The company has built a functioning exchange with a usable UI (user interface), decentralized identity, and provable audit. The company’s goal is to decentralize the back-end and add ecosystem features that will enable large players to move into the cryptocurrency world.
The Leverj platform features a dual-token system that consists of LEV tokens and secondary tokens, called FEE. LEV represent users’ license to conduct, while FEE will be used as an accounting mechanism. Under this system, Leverj trading fees will be payable in FEE at a fixed ETH price. FEE tokens will be created in proportion to platform trading volume. The aim of this system is to ensure that users are able to access a liquid market and receive discounts on fees that would otherwise be paid in ETH. Leverj has deployed a testnet of its staking contract that will allow users to convert their newly-acquired LEV tokens for FEE tokens.
“Our vision for Leverj is to deliver the best platform possible for cryptocurrency derivatives trading,” said Leverj CEO Bharath Rao. “We are grateful for the support and input that our community has provided to allow us to build a medium that will offer even higher levels of sophistication to this rapidly-growing asset class. We look forward to the opportunity to provide the community with the crypto trading platform that it has long been awaiting, one that will continue to grow in terms of both users and advanced features that we are able to offer.”