ZrCoin, a crowdfunding investment campaign, has achieved success with the collection of $3.7 million over the course of two weeks, from 11-25 May. The funds will be used to start production of synthetic zirconium in the Urals, with an initial capacity of 400 tons/month in 2018.
The campaign is based on a new technology used to invest in projects using the blockchain: the ICO or Initial Coin Offering. More than 1,500 investors took part in the project over two weeks, helping the initiative to pass its minimum funding threshold of $3.5 million.
The funds collected include:
- 670,694 USD
- 444 BTC
- 651,430 WAVES
- 2,837 LTC
- 3,120 ETH
- 6,732 ETH CLASSIC
You can find detailed statistics on the campaign and complete information about the project at https://zrcoin.io.
“We want to thank investors for their support during the ICO, and we can now confirm that the plant for the production of raw materials in high demand by the industry will be launched. Thanks to blockchain technology, it was possible to attract financing in an extremely short period of time. The bold decision to offer a new investment vehicle backed by the commodity that we plan to produce was met with interest,” comments ZrCoin co-founder, Andrey Nikonorov. “We now expect that we will be able to raise enough funds for the construction of a second facility. More and more start-ups are choosing ICOs as a way to gain funds for development, and our team is proud to be among the first projects in the cryptocurrency sector with real-world application.”
Previously, the project team invested around $1 million of its own funds in the development of technology for the production of synthetic zirconium, using waste products from the metallurgical industry.
The cost of 1 kg of zirconium dioxide (ZrO2) was used as the basis for the blockchain token, issued by ZrCoin. ZrCoin was initially sold on the market at a price of $1.40, and over the course of the ICO its cost will gradually increase to $1.55. As soon as production and delivery begin, tokens will be repurchased from investors at the market price of the commodity ($2.80). Physical delivery of zirconium based on token ownership is also possible. After the crowdfunding campaign ends and the ZrCoin token is created and distributed using the Waves blockchain, it can be transferred to exchanges for trading.
ZrCoin invested $1 million in “green” technology for the production of zirconium dioxide, an in-demand commodity in the manufacturing industry. Its unique feature is the synthesis of this key product from industrial wastes. The project combines cutting-edge financial technology with the environmentally safe production of one of the most popular fire-resistant materials in the world – synthetic zirconium dioxide (ZrO2).
The first plant will be located in Magnitogorsk in the Chelyabinsk Region. Construction and launch of the first production line are scheduled for Spring 2018.
- Token Taxonomy Workshop – - January 24, 2020
- Deloitte Bullish on Libra Project in New Report - January 22, 2020
- Busted: SEC Charges Blockchain Marketplace Founder Sergii “Sergey” Grybniak for Fraudulent ICO 2017 - January 22, 2020
- DC Blockchain Advocacy Group US Chamber of Digital Commerce Supports Telegram Vs. SEC Case - January 22, 2020
- BIS Forms New Central Bank Think Tank to Assess National Cryptocurrencies - January 22, 2020
- Bank of England Pondering National Cryptocurrency - January 22, 2020
- Infamous Online Gaming Community Clanbase to Relaunch With Blockchain Technology in 2021 - January 21, 2020
- Chainalysis: 2019 Saw More Cryptocurrency Hacks – Total Amount Stolen From Exchanges Dropped To $283 Million - January 21, 2020
- J. Christopher Giancarlo, former Chairman of the US Commodity Futures Trading Commission - January 21, 2020
- Ethereum Classic Labs Donates $1 Million to UNICEF Innovation Ventures - January 20, 2020
- Busted: SEC and U.S. Attorney’s Office for the District of New Jersey Files Lawsuits Against Fraudulent ICO that raised $30 million - January 17, 2020
- Kenya Issues Second ICO Warning After Investors Lose €24+ Million Euro - January 17, 2020
- Neufund Wraps Tokenised Equity Crowdfunding Series B with Greyp Bikes raising €1.4m EUR - January 17, 2020
- U.S. Lawmakers Pondering “Crypto-Currency Act of 2020” - January 17, 2020
- New Blockchain-based Visa Token Service Set To Launch in 2020 – Set to Reach $1 Trillion - January 17, 2020
- Germany’s New Shore Invest Launches STO Ship Financing Platform – Tokenised Fractional Ownership - January 16, 2020
- Open Source Luminary Marc Fleury Enters Crypto Arena with Announcement of New Crypto Asset Class and Continuous Token Offering Sale - January 16, 2020
- UN Warns Public Not To Attend North Korea Blockchain and Cryptocurrency Conference 2020 - January 16, 2020
- Fiat-to-Crypto Gateway Solution, Banxa, Raises $2 Million USD Series A Round Led By NGC Ventures - January 15, 2020
- United Africa Blockchain Association Plans to Fire Up Blockchain Adoption - January 14, 2020