A Russian company is building the System to guarantee the ICO investments and the reports say that the system would soon be launched into the market. According to a local newspaper Izvestia, Globex which is a state-owned commercial VEB (Vnesheconombank) bank along with Russian Association of cryptocurrency and blockchain (RACIB) is working on a system of guarantees for investments in cryptocurrency. This type of guarantee system has never been launched or built before and thus become the first System to Guarantee ICO (Initial Coin Offerings) investments.
Globex and RACIB along with their website partner Crowdhub are collaboratively working on the development of this system. Crowdhub is a joint project between the Vice-President of RACIB Denis Dusnov and the association which aim to implement the escrow mechanism. The major agenda is to create an ICO hub throughout the globe with the help of this system.
The Director of RACIB Arseniy Shcheltsin said to the news outlet that with the help of the system of guaranteeing investments, an ICO hub would be created of various start-ups based on cryptocurrency and blockchain. The system would be helpful in making stage-to-stage payments in the investment as revealed by the project developing team. However, the team is still working on the mechanism of legal protections. After the completion of the system, testing would be done for at least three months. In the meantime, RACIB would be collecting the stats on token sales to improvise the working and functionality of the system.
As per the statement released by Finmarket Publications, RACIB will initially focus on the participants to raise their funds through the ICO hub. The interested companies would them be asked to register on the website of Crowdhub and obtain a crypto wallet. The interested investors who are willing to invest in ICO project would also be eligible to register on the website. Successive group of investments would be given the task to monitor the costs and implementations of a particular project. This is how the entire system would work.
The Head of the Department of e-commerce and remote banking company Globex, Alexander Mineev said that the project will be beginning in March. After this, the development strategies would be formed and worked on. The Russian Ministry passed a bill with respect to the same setting the maximum amount of funds could be raised by an ICO to 1 Billion rubles (US $17.7 million).