Singapore based KyberNetwork, a decentralized exchange for the instant trading of any cryptocurrency, informs us they will be closing their Initial Coin Offering (ICO) whitelist registration three days earlier than planned, “due to a massive number of registrations.”
The KyberNetwork public token sale is scheduled to take place on September 15.
“We are extremely grateful and truly humbled by the response to KyberNetwork,” said Loi Luu, co-founder and CEO of KyberNetwork. “Building a strong community is the most important aspect of what we are trying to achieve with our public token sale. After our initial announcement, we have listened to feedback from our community and made some changes that we think will make our token sale stronger in the long run and also fair and rewarding to the early adopters of KyberNetwork.”
KyberNetwork announced their ICO this past Wednesday giving a chance for users to be whitelisted thus guaranteeing them a spot on the ICO investment list. Since that time, KyberNetwork reports their community has grown from 4,000 to over 26,000 users, making it one of the largest crypto Slack communities, if not the largest public Slack community in the world.
Due to this robust demand, KyberNetwork said they will be closing the whitelist gates at 2PM on August 22, 2017 (That is GMT + 8). This is several days earlier than the previous plan to shut things down on August 25h.
So at this time all eligible users in their Slack community will be whitelisted and will be able to buy their tokens in the public sale. Additionally, to avoid clogging the Ethereum network and allow more time for their users to participate in the token sale, KyberNetwork has also extended the sale period by additional 24 hours.
KyberNetwork has also announced that the purchasing of tokens will not be available to US residents (or individuals and organizations on sanctioned lists) and KYC checks will be performed on all eligible participants. The decision to dodge US investors comes after the SEC put their enforcement foot down on ICOs deemed securities that were raising funding from US citizens.
Co-founded by Luu and the creators of Oyente and Smartpool, KyberNetwork says it will be the first to implement an exchange that includes trustless, decentralized execution with instant trading and high liquidity by using an innovative system that incentivizes reserve managers. The platform expects to handle trading, payments, and complex financial transactions like derivative options and forward contracts, while also integrating as a payment API that allows wallets to receive payment from any crypto tokens.
KyberNetwork is designed to solve the issue of liquidity by introducing a new system for any user to trade any token instantly and completely securely with guaranteed liquidity. Their approach is through the utilization of reserve managers, who are incentivized by monetizing their otherwise idle assets. By serving trade requests from users, reserves earn profit from the spread determined by reserve managers. As the network gains more traffic through collaborations with wallet providers and various other token projects, reserve managers will benefit directly from the trading volume due to network effects within KyberNetwork.
KyberNetwork said it will also introduce a new smart contract interface that will allow existing wallets, which only accept certain specific tokens (IE that only accepts REP, GNT, etc. but not others), to receive any existing or future token (IE PAY and CVC) without having to modify the token contract code (i.e. the recipient is not aware that the payment actually was proxied via KyberNetwork).
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