PressCoin ICO to Take Precautions to Protect Investor Funds as Bitcoin Hits USD$19000
PressCoin PLC is advising investors it will take stringent precautions during its upcoming ICO to protect the real-world value of their investment in PressCoin (NEWS). The advisory comes as the price of BitCoin (BTC) breaks through the USD$15,000 mark (and briefly topped USD$19,000), barely a week after it broke through the USD$10,000 mark.
“While such an over-cooked BTC market will make it cheaper for people who are holding BTC to invest in the PressCoin ICO, we will be taking precautions to ensure that when the dust settles we have all the investment funds we receive available for us to build the technologies which we describe in our White Paper,” PressCoin PLC. director Amit Rathore said today.
A wave of Initial Coin Offerings in the second half of 2017, a handful of which are like PressCoin – i.e. raising money to build traditional start-up technology businesses - is thought to be one of the factors behind the meteoric rise in Bitcoin.
As well as being an asset backed Crypto Currency – each PressCoin (NEWS) token will map to a share in the overall company – PressCoin is also intending to use its PressCoin Tokens to make an internal market for independent publishers to buy and sell content, traffic and services from each other.
“PressCoin’s aim is to achieve stability for its eco-system currency. We want to make it easy for it to be used as a real trading currency within the PressCoin eco-system, driving real world economic activity and helping heal a broken news system,” Mr Rathore said today.
“In light of the extraordinary rise of BitCoin in the days leading up to its float, PressCoin PLC has decided that it will be selling the BTC used to purchase PressCoin, and converting all incoming investment into real currency in a prudent fashion,” Mr Rathore said.
Starting this week, and starting with Indian Rupees and US Dollars, PressCoin will also be accepting investment directly in PressCoin in regular fiat currencies, on a live Know Your Customer (KYC) basis. These investment funds will not be converted into crypto-currencies.