Last Updated : Jun 12, 2018 06:05 PM IST | Source:

Little-known Estonian firm informs SEC about raising $180 million in token sale

According to initial reports, the company will be distributing GoWeb tokens to their pre-investors.

Moneycontrol News @moneycontrolcom

A little-known startup from Estonia is planning to raise $180 million as part of a Simple Agreement for Future Token (SAFT) sale. As per a document published by the US stocks regulator SEC, the offering is for the "sale and issuance of rights to receive GoWeb tokens in the future via a Simple Agreement for Future Tokens."

The US Securities and Exchange Commission's EDGAR document system published a notice of Exempt Offering of Securities on June 4. The offering shows that the company is raising funds by selling effective promises that the tokens will be distributed in the future.

According to initial reports, the company will be distributing GoWeb tokens to their pre-investors in the future. Many startups and companies have raised funding in a similar fashion using the SAFT model.

However, so far there is little and unclear data about the kind of the company or its planned token. The SEC document says that the company was first established in March 2018.

Blockchain news platform Coindesk's attempts to get a comment from the representatives of the company were unsuccessful.

This token sale is significant as, at $180 million, it will be one of the largest token sales made till date.

The Estonian government has been previously linked to a national cryptocurrency project. However, it seems that the new regulations by EU have led to some significant scaling-back to the initiative.
First Published on Jun 12, 2018 06:05 pm
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