Bitcoin exchange Gatecoin has announced its support for ICONOMI, an Ethereum based fund management platform, with the listing of their ICN token on Gatecoin’s exchange. ICONOMI has recently raised more than USD 10.6 million equivalent in fiat and cryptocurrency during its latest initial coin offering (ICO), which ended on September 29th, 2016, marking the 11th largest crowd sale in history.
Verified Gatecoin users can now trade ICN for BTC and exchange BTC for ETH, SNGLS, 1ST, DGD, REP, USD, EUR and HKD.
What is ICONOMI?
ICONOMI is an investment fund management platform for the decentralized economy, built on top of Ethereum. In the beginning, users will be able to invest in several types of passive and active funds managed by the ICONOMI team. In the next stage, future-thinking fund managers will be able to use the ICONOMI platform to create their own managed portfolios of blockchain based digital assets which can then be invested in by other platform users across the world.
ICONOMI seeks to disrupt the multi-billion-dollar fund management industry by introducing a disintermediated alternative that focuses on assets tied to the burgeoning blockchain based economy.
The ICONOMI project is managed by the team behind Cashila, a bitcoin payment and bitcoin-to-euro conversion service, but the platform is owned by ICN token holders.
What are ICN tokens?
ICN tokens are auto-dividend rewarding shares in ICONOMI, which will be distributed through smart contracts to token holders on a weekly basis in the form of ETH, based on all ICONOMI revenue streams.
ICONOMI have stated that they will use the funds raised during the ICO to expand their team, enhance their office space, and boost the development of the platform and its initial managed investment funds.
Coin Traded Funds or CTFs will be managed automatically based on predetermined rules and will be inherently transparent. CTF performance will be based on market developments, making the individual coin percentages in the funds dependent on preordained rules and changes in the market.
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