DigitalX, a blockchain consulting and software development company today announced it will advise on the development of an Initial Coin Offering (ICO) issuance platform, FutureICO. It is being developed in a joint venture that has received a funding commitment from First Growth Funds Limited.
The platform is designed to provide a seamless method for ICO applicants and ICO issuers to interact under a compliant framework.
DigitalX has established a joint venture company, FutureICO Pty Ltd (FutureICO) with Blockchain Global Ltd and Big Start Pty Ltd to develop and operate the platform.
FutureICO leverages the key expertise of the three groups, namely blockchain development, crypto asset security and knowledge of crypto asset compliance. The platform has been in a research and development phase with the parties objective to launch this financial year.
FutureICO and the joint venture parties have entered into a binding terms sheet with First Growth pursuant to which Firth Growth will subscribe for 25% of the equity in FutureICO, to the value of USD $ 285,000. The subscription will also see Firth Growth have the right to appoint a nominee to the board of FutureICO.
Following the subscription, the capital structure of FutureICO will be approximately DigitalX (34%), Blockchain Global Limited (34%), Big Start Pty Ltd (7%), and Firth Growth (25%).
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