The Credo Initial Coin Offering (ICO), by Bitbounce, closed last week after raising a total of approximately $12 million dollars worth of Ether. Organizers had indicated their target amount for the ICO was $10 million. The offer was launched just as the US Securities and Exchange Commission announced its perspective on ICOs stating tokenized offerings that were deemed securities needed to file for an exemption to remain compliant. The initial confusion may have impacted the Credo coin offering as the industry adjusted. Tim Draper, a well known venture capitalist and investor in Credo, published an open letter to the SEC explaining why the Credo offer was not a security (but a utility token). Credo buyers do not expect to profit from the efforts of others because the tokens are sold for the use of the service.
Credo is a cryptocurrency that can be used as a tool to eliminate the plague of email spam. You utilize Credos Tokens to be able to have a recipient accept your email. Pay for access.
Stewart Dennis, the founder of Credo and Bitbounce, called the ICO a “game changing moment” for the project. In an email update he outlined his expectations for what he and his team will accomplish over the next quarter. Dennis said they were working to improve the speed, efficiency, and scalability of BitBounce email processing to the point where it can support hundreds of thousands of active users. According to the Bitbounce website, the service currently hosts just under 24,000 users.
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