FUSION has announced that it has successfully completed its initial coin offering (ICO) having raised 126,000 Ether, worth about $110 million, in just 24 hours. FUSION reported that its token offering was oversubscribed by 2.5X with investors seeing their contributions returned that went over the cap.
FUSION, based in Singapore, says it is creating a system that can connect a variety of tokens, enabling complete financial functionalities that have not yet been explored using blockchain technology. The FUSION platform does not belong to any single organization or individual and is a platform embracing the entire blockchain token community. It will use token mechanisms and the foundation to continually foster all kinds of communities such as technical communities, college communities, user communities, investment communities, node participant communities, central organizations, data source providers and more. FUSION wants to introduce the “Era of Cryptofinance for the Internet of Values.” FUSION says it is the first public blockchain to provide a tangible solution for all digital currencies, constructing a truly connected financial ecosystem, and helping blockchain progress from a great theory to a practical system.
According to their executive summary, FUSION expects to have a whopping $10 Billion in tokens/cryptocurrencies/digital assets running on FUSION by then end of Q2 2018.
The FuSION team provided some findings regarding their crowdsale:
- Contributions came from over 7,000 unique addresses (some of which made repeated contributions during the crowdsale).
- FUSION’s Community Partners Program had more than 13,000 people from over 130 countries register prior to the start of the crowdfunding offer.
The FUSION blockchain will support both tokens that already exist, and those that will be issued in the future. FUSION wants to allow smart contracts to interact with various parties despite the variety of tokens used to form them. For example, the platform can support applications offering multiple currency risk free loan system, by which users can apply for a loan in one form of token, and pay it back with another.
“We are extremely excited about the success of the FUSION Crowd Sale,” said Dejun Qian, Founder of FUSION, “However, it’s not only the monetary success that matters, but also how that success occurred. FUSION has a strong community backing it, because of the different features our public blockchain offers. Rather than our crowdsale hitting its cap because of a small number of large ‘whales’, we have the support from a community that truly believes in the project we will build, and that’s just as much a success as raising $50 million.”
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