According to the newly published documents, one of the co-founders of the employment social platform LinkedIn is raising as much as $20 million, planning a Simple Agreement for Future Tokens (SAFT) sale.
The Form D which was published a few days ago shows that Eric Ly who is Linkedin’s first CTO and one of the founders is raising funds for the launch of the Hub Token which is tied to a forthcoming platform known as ICOHub. The platform was launched in April, with the goal of creating a platform for more reputable token sales.
Meanwhile, the HUB Token SAFT sale has generated $13,588,722 out of the total $20 million being offered, with less than $7 million remaining for it to be successfully launched. There are twenty investors taking part in the sale so far, according to the figures that can be seen in the filing.
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As the project’s white paper states, the token is designed to function as an incentive for building trust among the network participants.
As Ly told VentureBeat back in April:
“The reputation of an entity might come from individuals but also past business dealings the entity has had, such as past financings, partnerships, and customers, that would increase their trust score. ICOHub will rely on a ‘web of trust’ from multiple data sources to determine trust scores,”
According to Ly’s statement, the platform aims to build a more verifiable source of data on token projects and the teams standing behind them.
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