NZ Company Announces Security Token ICO

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HD Group announced on Wednesday that it will issue a token tied to the value of equity shares in the company, a managed IT services firm based in Auckland, New Zealand.

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According to a press release, HD plans to issue 1 billion HDCoins, a token on the Ethereum blockchain, with the total issuance representing a 10 percent shareholding in the company. All 1 billion tokens will be offered for sale in an initial coin offering (ICO), with a presale set to begin March 20. HD Group says dividends will be used to buy back and burn the tokens.

The company aims to raise USD 13.75 million in its ICO and use the capital to expand existing business and launch new products and services. Plans for 2018 include an ICO exchange, an ICO incubator and expansion into power and mobile sectors. Further out, the company plans to develop software-as-a-service (SaaS) accounting and OpenStack cloud hosting platforms.

“We’re accountable to our investors and we have a legal structure whereby HDCoin holders will be beneficiaries of shareholding in the HD Group,” CEO Ben Simpson said in a statement. “HDCoin Trust will safeguard the interests of the investors.”

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About Galen Moore

Galen is the CEO and founder of Token Report, a financial data service covering digital currencies. He is an award-winning journalist and a financial media startup leader. His expertise is in startups and innovative companies, from consumer tech to biotech. He has studied the effects of accelerators, incubators and other outside influences on early-stage startups. He is on the volunteer board of Egleston Square Main Street, providing small businesses with assistance and advocacy. Galen is an advisor with Subforum, a multi-disciplinary research and design group. He’s a licensed sea captain and a certified instructor of Capoeira Angola, a Brazilian martial art and cultural form.

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