HCash becomes Australia’s largest ICO after raising $53 Million
HCash takes lead in the Australian ICO startup list after managing to raise $53 Million AUD worth in Bitcoins
The Australian blockchain startup company, HCash manages to achieve $53 Million AUD through funding. This amount raised through the funding is equivalent to $40 Million USD. This makes HCash the biggest initial coin offering company at present.
The HCash company revealed this record ICO through an announcement today (Nov 06th 2017). The Melbourne-based company states it has managed to raise 21,000 Bitcoins within the period of June 28th to July 15th. The value of these Bitcoins was $52.89 Million AUD at the date of closure of the ICO. This amount in cryptocurrency is the largest ever by any ICO in Australia. A major share of investors for HCash comes from China. Chinese investors are known to be confident on the sidechain technology HCash uses on their system. This technology gives the possibility to trade data and values among different blockchains. This allows data and value exchange on both block based and block less systems.
Dalla Brooks, the CEO of HCash states that HCash aims to create a link between major blockchains and the new blockchain technology. This means Bitcoin, Ethereum and other cryptocurrencies will familiarize with latest blockchain concepts. This allows individual blockchains to communicate and identify each other.
Future of HCash
HCash team is taking steps to protect the blockchain cryptocurrency against quantum attacks. These attacks against the new technology are coming from universities like Hong Kong Polytechnic University, Shanghai Jiao Tong University and Monash University in Melbourne. The company’s block-less based system having a Directed Acyclic Graph (DAG) structure can connect with the conventional blockchains. This allows to decrease the time duration of transactions. Additionally, this provides the system with improved privacy features.
The company still didn’t make any announcements on code deployment at a commercial level. Power Ledger company in Perth also reached a $34 Million AUD during a recent ICO. These two achievements have led the Australian authorities to issue a set of guidelines on startups and companies planning to initiate ICOs.
The Australian Securities and Investments Commission (ASIC) believes that ICOs has the possibility to boost startups and new businesses with required funding. AISC thinks ICO is a great platform for investors to look out for possible investment opportunities.