California News Reporter

Unknown Korean Blockchain Startup – Proof – Goes from $0 to $1 Million in 2 Weeks

Unknown Korean Blockchain Startup – Proof – Goes from $0 to $1 Million in 2 Weeks

Fintech startup Proof Suite has raised over USD$1M in pre-ICO fundraising.

Seoul, Korea – August 29, 2017 – Founded by 3 expat tech enthusiasts from the U.S. and Belgium, Proof began as a platform for trading fractions of property, but has since grown to include company equity, community currencies, and securitized debt instruments.

Now, 1 year later, Proof has initiated the pre-sale of its digital currency and raised over USD$1M in Ether, averaging USD$50K to USD$100K in daily contributions. This period is set to end in mid-September or once the USD$3M pre-ICO fundraising limit is reached. On October 8th, Proof will initiate its public sale, or ICO, in which there are no minimum contribution limits.

Cryptocurrencies have recently received a great deal of media attention for both their massive growth and their ability to bypass traditional regulatory authorities. Detractors push back against the disruptive nature of anonymized trade, while proponents argue that cryptocurrencies can bypass malicious capital controls by governments, as is the case in countries like China.

Proof is trying to bridge this gap by pairing “irrevocable financial sovereignty” with investment protections such as insurance and prediction markets on the blockchain. In addition to this, Proof is experimenting with cracking the price volatility problem with cryptocurrencies.

Proof CEO, Mike De’Shazer, opines that “Capital should be truly free and that sanctions and other mechanisms controlled by central authorities are the wrong kinds of methods for preventing malicious activity. Governments should be focused on solving the roots of the problem without attempting to control private capital. But that doesn’t mean that investors can’t be confident in the assets they purchase.”

The ICO, or token sale, phenomenon is changing the ways startups raise funding around the world. This year, more funding was contributed from the crowd via token sales than contributed by venture capitalists. Proof differs from many of other projects that have raised millions this year by having an active community of thousands of users and pre-funding revenue.

Proof’s original investor is TaaS, a crypto-hedge fund in one of the world’s biggest emerging market, a market that Proof plans to serve going forward. As CEO Mike De’Shazer states: “Our platform is really geared towards crypto funds, like TaaS. As our users launch more and more cryptocurrencies backed by real-world assets, we will see more of the traditional hedge funds following TaaS’ pioneering direction.”

For complete information, please visit: https://www.proofsuite.com/

Media Contact
Company Name: Proof Inc.
Contact Person: Lu Song
Email: [email protected]
Phone: +82 010 3451-9389
Address:68-1 Susong-dong, Jongno-gu
City: Jongno-gu
State: Seoul
Country: Korea
Website: www.proofsuite.com/

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