Australian fintech startup HCash has today announced it has raised 21,000 Bitcoin, equivalent to AU $52.89 million dollars, in what is Australia’s largest Initial Coin Offerings (ICO).
The startup, backed by Melbourne-based Collinstar Capital is an alumni of Blockchain Global’s corporate accelerator program, which has made over 50 investments in Blockchain enabled companies, most recently, Blockchain Global and it’s associates acquired a 40% stake in ASX listed Digitalx (ASX:DCC).
The ICO launched on June 28, 2017 and was well pursued by Chinese investors, due to the potential of the technology. It is one of Australia’s largest blockchain raises with a market cap of AUD$200 million. Investors in the ICO have so far realised a 400 per cent gain.
HCash is a platform that allows various blockchains to connect, facilitating the free flow of cryptocurrencies such as Bitcoin and Ethereum across otherwise separate networks.
The world-first technology has been developed alongside research partners including Monash University, Shanghai Jiao Tong University and The Hong Kong Polytechnic University, has the potential to revolutionise cryptocurrencies by improving the efficiency of previously inoperable blockchains.
HCash CEO, Dallas Brooks said:
“HCash is the first Australian blockchain which aims to link the current mainstream blockchains, such as Bitcoin and Ethereum, with the next generation of blockchain technology”
“We expect HCash to mark the beginning of a new era of blockchain technology where isolated blockchains can communicate and recognise each other.”
On the significance of the technology, Dr. Joseph Liu of Monash University said:
“The technologies behind HCash are a significant breakthrough in Blockchain. Among the current cryptocurrencies, there is no suitable one which can serve everyone’s need. Transaction times are too long and are not truly anonymous. HCash solves these issues and allows people to transact in practical, secure and privacy-preserving way.”
Dr. Debiao He from Wuhan University said the technology would have widespread potential society and industries:
“HCash will provide platform tokens, chain and chain assets, and equity interaction that will help reveal the potential of digital assets in the cryptocurrency ecosystem. These digital assets will further expand liquidity and maximise the asset value in the future. It can be applied to many fields that require the highest level of privacy, as well as bolstering the privacy and efficiency of regular peer-to-peer transactions.”
Commenting on the motivations behind investing in the startup, Ryan Xu, Managing Director of Collinstar Capital said:
“What we found attractive about HCash is that their research partners have considered quantum resistance when designing HCash to safeguard it from any computing advances”
“We’re assured that this revolutionary cryptocurrency is in the hands of a trusted team who are at the forefront of developments in blockchain technology.”
For more information, visit https://h.cash/