Credo ICO is at $8.3 Million, Organizers want to top $10 Million

The Credo Initial Coin Offering (ICO), listed on Bitbounce, is in full swing having currently raised over $8 million.  But Credo organizers want more. In less than 3 5 days, Credo wants to push that number to over $10 million.

According to a note distributed by Stewart Dennis, Credo founder and CEO;

“The Credo ICO has been a phenomenal success. Over 8 million dollars worth of proceeds have been raised already. Now, we’re entering the final stretch with just 3 days remaining – and, this is where I need your help.

Our goal is to exceed $10 million dollars raised by the end of the sale. If you’ve been waiting on the sidelines or have already participated, please act now and buy more Credos.

I believe that this ICO will be a watershed moment. It’s a moment that gives us the resources necessary to fulfill the potential of the BitBounce + Credo inventions. It’s a moment that will empower us to refine our solution to the point where it can truly realize the value in communication. And, it’s a moment where we will begin – even more emphatically than before – to bring a new legitimacy to the token industry through the quality of our work…”

Credo benefited by some prominent early backers like Tim Draper who purchased a good chunk of Credo Tokens. But the timing of the ICO came just as the SEC announced its intent to regulate ICOs if they were determined to be securities.

Dennis quickly responded to the SECs announcement stating that he was not in the securities business citing the Howey Test as to whether or not Credo qualified to be regulated;

“Credos do not provide access to profits through ownership or dividend rights. DOA tokens did. Since Credos fail the third component of the Howey Test, they are not securities. Again, this is fully supported by our company lawyers.”

Dennis added at the time that the SEC’s actions put a chill on the offer. And he is probably correct. But still, $8 million is a pretty impressive sum. There still a few more days if you want to back the “solution to email spam.”