Hong Kong Blockchain Firm MATRIX Raising $15.5M Through ICO

Matrix, a Hong Kong-based open source blockchain platform has finished its underlying coin offering (ICO) by raising around 13,227.5 ethereum. As indicated by the ethereum’s market cost on Monday, the recently issued MAN tokens of Matrix fundamentally raised roughly US$ 15.55 million.

According to the declaration made by the company, MATRIX sold about an aggregate of 13,227.5 ETHs amid the ICO. The sales have been made through 212 transactions. Presently, it has 69,543 registered users, out of which 60,924 are the active users of ICO.

The company has additionally guaranteed that before the launch of its new blockchain around March in 2019, the MATRIX pool will reach around 250 a large number of MAN tokens. Hence, inside the MATRIX platform, the greatest number of MAN tokens will achieve one billion.

This open source blockchain startup was established in September 2016. Matrix fundamentally supports machine learning services and smart contracts. It offers innovations to build blockchain networks that are exceedingly flexible and supports self-optimization alongside multi-chain transactions and cooperation.

Matrix is intended to be the blockchain of another age. By utilizing the most recent AI innovations, it alters the whole viewpoint of digital currencies that empowers the users with a natural language processing innovation. In addition, it makes utilization of mining activity with all inclusive value and upgrades the security under smart contracts.

Only a day prior to when MATRIX declared the effective completion of its ICO with 13,227.5 ETHs, the Chief AI Scientist of MATRIX, Steve Deng said in a blockchain conference in Hong Kong:

“We make smart contracts accessible to everybody.”

The blockchain startup is taking a gander at 360 million USD market value with an objective to rank among the main 100 digital currencies around the world.

As indicated by the report of E&Y, last November, Hong Kong and China were positioned among the main five ICO markets that have raised an amount of about US$ 196 million and US$ 256 million individually. US, Russia and Singapore were on the top of that list.

Nonetheless, the Chinese authorities imposed a ban on companies issuing ICOs. They are not allowing new undertakings to raise virtual currencies and money through digital currencies. Moreover, local regulators were likewise solicited to review 60 from the major ICO platform.

In the meantime, the Securities and Futures Commission of Hong Kong cautioned the investors against tokens that have been issued through ICO, saying that they might be classified as securities. The purpose behind the same is FSC’s worry over the expansion in ICOs in Hong Kong as a way to raise funds.


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