VideoCoin Pulls ICO as Presale Nears $50m Hard Cap

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Co-founded by Halsey Minor along with a cast of high-profile, internet and video industry veterans, Blockchain-based video processing and distribution platform, VideoCoin announced, on Tuesday, that it’s just 30 percent shy of its USD 50 million private, presale hard cap and will now close its token sale ahead of schedule without public participation.

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VideoCoin, the self-styled Airbnb of video, encompassing decentralized, low-cost encoding, storage and content distribution, said it had passed USD 35 million in funding, with backing from the co-founders of content delivery network and cloud services provider, Akamai (Randall Kaplan) and Ethereum (Anthony Diiorio), as well as a large number of high-profile US crypto-funds.

Other early stage investors include funds Binary Financial, Alphabit, Arcadia Crypto and BaseTwo Capital.

“We are thankful to be in this position as we have been selective in our targeted funds. My team has been heavily vetted and in turn, we’ve earned the trust and contributions of these global business leaders,” stated VideoCoin figurehead, Halsey Minor, CEO of Live Planet, a strategic technology partner and an investor in the VideoCoin Network. “It validates our long term vision and lays the necessary foundation for our global platform to be the Airbnb or Uber of video. With these key global partners in place, we can now focus on our passionate community of users and followers.”

Minor is known for founding and leading a number of highly successful technology companies, including CNET Networks, Google Voice, OpenDNS and Salesforce.

Quoted in the press release, Jon Teo of Binary Financial, who was a seed investor in Twitter, Snapchat and Instagram, said: “We pride ourselves on picking early winners. Frankly speaking, many projects have tried to tackle this massive endeavor over the years, and these guys are the only ones who have solved it.

With the early closure of its private token sale, VideoCoin said in the statement that it will now focus on strategic partnerships and a product roadmap, in order to grow the VideoCoin Network global community.


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About David Bentley

David Bentley is an experienced financial writer and communicator specializing in offshore financial services, hedge funds and technology.

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