One of the most popular crowdfunding websites out there, Indiegogo, is in the latest news on our DC Forecasts crypto news site, after concluding its security token offering (STO) and raking up $18 million in the first equity ICO that was hosted on the platform.
The asset management firm named Elevated Returns which is the owner of St. Regis Aspen, this Tuesday proudly announced that accredited investors had purchased all of the ($18 million) Aspen Coins that were available through the sale. This brought Indiegogo’s first security token ICO to a successful start.
If you are clueless about the new concept of security token ICOs, they are basically representing investment contracts. In this case, the Aspen Coin is the token which represents a share in a single-asset real estate investment trust (REIT) that holds the $18 million in St. Regis Aspen equity that is made available through the STO or ICO.
Following the new partnership, the director at Elevated Returns, Jason Kirschenbaum said:
“The Aspen Digital closing not only represents a new coin on the market that is asset-backed, it also establishes a blueprint for future real estate tokenization. The future of real estate investing is one that provides global exposure, transparency, public access and liquidity, all of which are elements that can be delivered through blockchain technology.”
On the other hand, the co-founder of Indiegogo was confident for expanding into the cryptocurrency-based crowdfunding – seeing it as a “natural extension” of the firm’s business. As he then stated:
“We predict a rise in the potential and demand for tokenized securities, because digital ownership on the blockchain provides so many advantages over legacy investments, and tech-savvy investors are seeing the value proposition in real time. This addition to our business is just a natural extension of our vision for a crowd-financed world.”
Indiegogo has previously hosted a utility token ICO in a partnership with licensed broker-dealer MicroVentures. However, MicroVentures quitted the sale months after it was concluded and returned all the funds to their contributors – citing regulatory concerns.
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