Disclaimer: The Merkle does not endorse the BlockPay team, their project, or any services coming forth from this concept. Always invest at your own risk.

Not too long ago, we touched upon the BlockPay company, which wants to bring cryptocurrency to the commerce sector. Their Pre-ICO crowdfunding campaign will kick off tomorrow, and is created thanks to OpenLedger lending a hand. All of the tokens for this crowdsale are issued on the Bitshares blockchain.

A Pre-ICO To Raise Funds

Raising funds as a cryptocurrency startup is not an easy task these days. While ICO’s are often frowned upon, holding a pre-ICO is something we haven’t seen all that often. Whether that will result in any success for BlockPay, remains to be seen, though. A total of 6.5 million of the 100 million tokens will be used, whereas the rest is locked in reserve. Those tokens will be distributed during the ICO itself.

All of the funds raised during the BlockPay pre-ICO will be withdrawn by the team after reaching specific development milestones. We have seen a similar approach being taken by other projects looking to collect funds from investors. Until that happens, all of the collected funds will be governed by Bitshares and kept in escrow.

The official press release states the following:

“BlockPay tokens obtained during the crowdsale will be issued directly to your Bitshares wallet once the sale has ended. After the distribution, owners are free to use the BlockPay tokens at their own discretion (sell, gift, pledge, etc.) tradable on the Bitshares DEX. With our combined experience of over 30 years in payment networks, Point of Sale, software development, and business development, we are more than well prepared to continue to reach our milestones and to deliver the ultimate platform for digital payments,” the website further explained.”

As one would expect, the pre-ICO funds will be used to advance the company and sponsor integrations into other networks. The development of the Echo project will be funded with this money as well. Stealth transaction research will be finished as well, as there are still some kinks to work out in this department.

Purchasing these pre-ICO tokens will be quite challenging for people who never used OpenLedger before. Users will need OPENPOS tokens and send it to a particular account on the OpenLedger platform. Distribution will be handled by the platform as well. There is no specific fundraising goal in place for the pre-ICO right now.

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