Mybit, a Switzerland-based Ethereum blockchain powered, renewable asset investment platform, announced on Monday it secured $2.8 million through its 30-day crowdsale, which ended on August 15th.
According to Mybit, the platform connects investors from around the world with businesses and individuals seeking to fund revenue-generating Internet of Things (IOT) and AI assets, offering secure peer-to-peer transactions governed by smart contracts running on Ethereum. The platform also revealed that for individuals and businesses who wish to obtain revenue generating assets but face financial or geographical restraints, it offers opportunities through cost-effective access to global capital. The platform’s full description reads:
“MyBit is a decentralized asset management platform built on Ethereum. It is designed to remove the friction present in traditional asset management applications. The consumer release extends functionality to virtual trust funds managed by computer code to reduce the cost and complexity of managing ownership rights and transfers. The enterprise release focuses on the emerging AI industry by providing a tool for capital light companies to obtain financing for expensive infrastructure investments and employees who will be replaced by AI to remain relevant and benefit from profit sharing.”
Founder of Mybit, Ian Worrall, stated:
“Enabling worldwide crowdfunding of revenue generating IoT assets will be a game changer for everyone — eliminating financial barriers to entry, enabling new business models, accessing previously untapped capital and providing an extremely low cost, paperless and efficient capital market for the masses.”
He then added:
“The use cases are limitless, ranging from smart cities to rental equipment to autonomous machinery and vehicles. Any asset whose usage can be automatically monitored is a potential use case. The proliferation of microprocessors in everyday items will enable the explosion of revenue generating assets and the explosion of growth of the MyBit platform.”