Equibit Development Corporation Sets $7 million Funding Target, Crowdsale Date

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Equibit Development Corporation, creator of the Equibit Blockchain and Blockchain applications for the global securities industry, said it plans to raise as much as $7 million in an initial coin offering, one of the largest on record by a Canadian-based company. The sale is set to begin Feb. 1.

EDC is offering to sell one million equibits or EQBs, a new digital asset, out of a total of 22 million equibits potentially available. The sale, which will run for 59 days to March 31, will be conducted on a special sale page at EDC’s website. Purchased equibits will be delivered to user accounts at EDC’s web wallet service, which is planned to launch concurrently with the release of the Equibit software later this year. EDC will retain any unsold equibits, as according to the sale’s terms and conditions.

“To say that we’re excited about the sale would be an understatement,’’ said Chris Horlacher, EDC’s chief executive officer. “We’re writing financial history.”

Proceeds will be used to expand EDC’s team of developers, accelerate product development, support and expand the network of equibit supporters, install enterprise infrastructure such as supernodes and market Equibit Blockchain applications.

The offering will be partitioned into batches of 100,000 equibits, with the price schedule starting at $2 per coin. Keeping to a predetermined schedule, the price for equibits will increase with each batch.

All equibits sold in the coin offering will be created in the EDC platform’s genesis block, constituting the inception of the system’s operation.

For information on participation in the sale, please see the EDC website. EDC’s complete white paper is available here and at Cornell University’s arXiv e-print archive.

Equibit is the world’s first peer-to-peer equity marketplace and a complete platform for issuers to manage their investor relations without need of depositories and transfer agents. Founded by a former securities industry chief financial officer and a team of Blockchain development experts, EDC was established with the aim of revolutionizing the securities industry.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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