Rigoblock, a blockchain protocol for decentralized asset management today announced that it will be launching the public token sale for its native GRG token. The company has now opened its whitelist; a way for users to show their interest in contributing to the project and to expedite the token sale process.
The token sale will be carried out by Rigo Investment Limited, Rigoblock’s parent company operating out of Lugano, Switzerland. The sale will be carried out in a regulated and compliant manner using Know Your Customer (KYC) and Anti-Money Laundering (AML) processes.
The total hard cap for the ICO, both public and private, is set at $10 million USD for 15% of GRG tokens from the total token supply. In total 1,500,000 GRG tokens are available in the sale. These tokens are required for users to access the Rigoblock portal and to participate in the Rigoblock’s Proof of Performance incentives mechanism.
The GRG token is a utility token to be used as the basis of a rewards mechanism for specialized operators within the Rigoblock ecosystem. Users receive GRGs based on the value and the performance of a specific token pool. This allows token pools to be operated without fees for an alternative and fair rewards mechanism.
The Riboblock team will use the proceeds for general administration and operating expenses of the company. Furthermore, the funds will help evolve the protocol and grow the ecosystem of developers and platforms building applications for asset management.