Sphre Raises $3.7M in Crowdsale

Announcements, Blockchain, FinTech, Investing, News, Regulation | June 12, 2017 By:

Identity management blockchain startup Sphre has raised 1,329 BTC ($3.7 million USD) from 575 participants in the first days of its Air token (XID) crowdsale, which began June 1.

The company was originally aiming to raise just $1.5 million to build the Air consumer product.

AIR is a system that allows third-party organizations to integrate support for AIR into existing systems, while its mobile app secures and maintains a private key for individuals. The Hyperledger Chaincode (smart contract) forms the basis of the given identity, and contains program logic that will allow an individual to recover their identity if a mobile device is lost.

The tokens are used within the AIR platform to facilitate identity-based transactions and handle profit-sharing disbursement based on customizable monetization agreements.

“Early support for the AIR Platform through our XID token sale is a clear indicator in the belief that blockchain technology can help modernize identity management,” said Sphre Director Daren Seymour. “We hope to build on this momentum throughout the token sale, and dedicate all of our resources towards bringing this platform and consumer application to market.”

Last month, Sphre partnered with Airbitz, a data security and mobile bitcoin wallet that claims 140,000 users, to provide the Air system.