The following article was written by Jeff Broth, a business writer and personal finance advisor. Consulting for SMB owners and entrepreneurs for more than 7 years.
If you have not heard of Ask.fm, then it is possible that you have no idea what the modern teenage life is like and you are not interested. This is the platform where teenagers can freely and anonymously ask each other questions and also share that teenage lingo that drives “old folks” like me and you crazy.
And maybe, as part of your teenage parenting 101, you should sign up and follow the conversations to keep up with the ever-changing slang. It is only on this platform that you will learn what your teenage daughter or son means when they say stuff like GOAT, Hundo P., Gucci, Ootd, CU46, GNOC, bae, and awks.
But I digress. Now there is a rumor that this cool platform for teenagers and some age-defying millennials is about to issue an ICO and it is going to be a huge one.
And even better, the funds raised through the said ICO are going to help address cyberbullying, which is one of the critical challenges facing major social media platforms. With over 150 million active users and an estimated worth of over $270 million, Ask.fm will join the list of big mainstream companies that have raised financing through the unconventional, blockchain-powered method.
Some of the mainstream companies that have issued ICOs in the recent past include the photography company Kodak, the multinational coffee drinks chain Starbucks and the billion-dollar global messaging app Telegram. According to Bloomberg Technology, Telegram has recently raised $1.7 billion in two ICOs issued in February and March and is expected to offer more public token sales in the coming months. The app has over $200 million users across the globe.
If AskFM will go ahead and issue the token sale, there is no doubt that it is going to be a sensational one. This is because just like Telegram, it has a proven model with an active and robustly growing user base. Even when the platform has had its fair share of criticism for exposing young people to cyberbullying, its innovative business approach is what keeps the target market following religiously.
The generation Z and beyond is highly tech-savvy meaning that companies must keep their innovation wheel rolling to keep up with their needs. Again, there is also the likelihood that the funds collected through ICO will help address some of the security challenges facing the platform, therefore, making it attractive to the masses.
If it’s true that Ask.fm is going to issue an ICO, we can only hope that it will be open to the public. With the ongoing crackdown on ICOs, the big ones are now considering private investors only. For instance, Telegram, the messaging app that has raised billions in two consecutive pre-ICOs, has done its token sales privately and only to accredited investors.
For those looking to make a good return on ICOs this year, the Ask. Fm ICO is an opportunity to keep an eye on. While I am not sure how true the rumor is, I can tell with certainty that if it will happen, those who will invest early will be luckiest. Follow this post for heads-up on this ICO.