Humaniq A Fintech Financial Inclusion Platform Raises Record Funding through its ICO – Initial Coin Offer
Many startups look forward to the day when a Venture Capitalist takes notice of their project and make those first timid steps towards providing the start up with much needed capital in order to facilitate further growth!
After all, without a capital injection most startsups are bound to end up on the scrap heap of business startup history and to be perfectly honest, even with the capital injection, many of them are doomed to failure in today’s fast changing market. This holds especially true for internet and application based startups.
Alex Fork the founder and President and an expert in crypto currencies described Humaniq as:
We are a financial inclusion organization based in blockchain decentralized tech. Our product, the Humaniq financial inclusion app, allows users to work, borrow, lend, save and pay using a protected biometric ID, which eliminates the need for traditional methods of ID and security, replacing passports and signatures, and enabling distribution as well as trading of digital assets via Humaniq’s cryptocurrency, HMQ. Humaniq will earn a small fee from access to the platform from the FinTech startups and financial organizations and a percentage of shares of FinTech startups which will grow in the Humaniq incubator/accelerator and participation in their profits.
Initial Coin Offerings Are The New Black
Currently, we are seeing a new trends, in this new digital transformation world, for acquiring funding for your new startup or venture. WE have crowdfunding, equity crowdfunding, P2P funding platforms and now Startups are raising cash with ICOs initial coin offerings. This in all essence is great, if successful and, if you look at the most recent ICO it seems to be working just fine.
The latest ICO to benefit from a crypto currency raise is Humaniq. Humaniq is a block chain based decentralized banking application which aims to make banking easier accessible to the poorest and least educated people of the world and enhance global financial inclusion. A nobel and grand endeavor indeed and if we look at the results from the first hour of their ICO, it would seem that I am not alone in app-lauding this new applications aims.
1,200,000 USD, yes you read that right. In the first hour of Humaiq’s ICO they raised over a million USd and demand is strong. It is expected that Humaniq will raise over five million USD by the end of it ICO.
What is an ICO?
Many who are reading this will be asking what is an ICO and how does an ICO work exactly? An ICO is when a venture which has a cryptocurrency base offers a proportion of its available coins to the public and investors and early adopters in exchange for cash.
This is obviously very different from an equity sale as one would get with an IPO on a stock exchange and to be honest, there are hidden benefits for the company completing the ICO. In an initial public offering of a company’s shares, the shares are placed for sale on an exchange at a pre-
determined rate. An investor becomes a shareholder and as such as a say in the running of the company through the votes that the investor acquires with their shares. Obviously, the more shares an investor has, the more votes they have.
Now, with an initial coin offering, this is not the case as you receive a coin and the coin is of course tradeable on a crytocoin exchange. But, that is as far as it goes. The company does not have to answer to you and you do not get a share of the company.
The Price of Bitcoin
So, what is driving this? It’s simple, it is the current price of bitcoin. Bitcoins are openly traded at a price of above 1,200USd per coin and this is well up from its recent lows. It would seem that people faith have been restored in cryptocurrencies and they should be.
The block chain which was the original ledger system used by bitcoin is transgressing sectors as a fintech security solution and when we look at company’s such as Humaniq, which have some of the world’s leading block chain experts on the team. It adds to their value.
How to get involved in humaniq?
Every one can be involved in being part of Humaniq as it is a project aimed at financial inclusion. It is very simple! You can go to their website and get access to their white paper which outlines their vision for financial inclusion within emerging markets and if you believe that they are on the right track get on board.
Click get involved. https://humaniq.co/
Maria Fonseca is the Editor and Infographic Artist for IntelligentHQ. She is also a thought leader writing about social innovation, sharing economy, social business, and the commons. Aside her work for IntelligentHQ, Maria Fonseca is a visual artist and filmmaker that has exhibited widely in international events such as Manifesta 5, Sao Paulo Biennial, Photo Espana, Moderna Museet in Stockholm, Joshibi University and many others. She concluded her PhD on essayistic filmmaking , taken at University of Westminster in London and is preparing her post doc that will explore the links between creativity and the sharing economy.