Augmate wearable technology company expanded its ICO onto Crowdfunder, becoming the first ICO on the platform, Crowdfund Insider reports.
The offering, structured as a security token, gives investors access to IoT device management platform powered by distributed ledger technology.
It’s worth mentioning that the US Securities and Exchange Commission Chairman recently said that characterizing a cryptocurrency as a utility token – which gives investors access to a company’s platform but can also be sold very quickly - doesn’t exempt it from being regulated as an investment security.
The decision to offer a security token rather than a utility token “ensures Augmate attracts investors that believe in the company and its future.”
“We’re thrilled and humbled to be the first ICO on Crowdfunder, as we continue to build a system that will help make smart products more manageable and secure,” Pete Wassell, CEO and founder of Augmate noted. “The number of IoT devices in homes is set to skyrocket in the coming years, as is the use of blockchain technology across many industries. Growing the company through an ICO and doing it as a security token is true to our business, and to our current and future investors.”
Augmate will use the ICO funding to accelerate the use of blockchain and distributed ledger technology within its platform. The company has already begun developing the first aggregated device management platform for IoT incorporating decentralized technology.
By Jade Olafson