Controversial Israeli blockchain tycoon Moshe Hogeg is in the news again. The media venture he owns, BlockTV, is planning to raise the sum of $6 million. It plans to achieve this by a token listing on the digital currency exchange Bittrex Global.
Alignment Media which is a part of the Alignment Group owns BlockTV and it is in turn completely owned by Singulariteam. Singulariteam is the venture capital fund of Hogeg. The management of the token listing will be handled by Alignment Media and Globes reported this development.
BlockTV is to shed one-fifth of its three billion BLTV tokens which run on the ERC-20 standard by Ethereum. For the listing, the asking price is fixed at $0.01 for each unit. This was contained in the same report. If it goes as planned, BLTV tokens will be available for trading all over. The thinking is that as long as the price remains as it is now, BlockTV will be able to raise its $6 million without any problem.
A spokesperson with BlockTV said that owing to the fact that tokens are freely traded on the market following the listing, no one knows the precise amount to be raised.
The tokens on offer are going to be listed on Bittrex Global on November 21. This is according to the notice on the website of BlockTV. The 80% that will be left of the BLTV tokens will be frozen for one year. What this means is that no transaction can be done with them during this period of one year.
BlockTV has major plans with the funding it wants to raise from the token listing. It wants to work on its website and increase its scope beyond the regular blockchain and digital currencies. It wants to invest in the technology sector, open up studios in the United States and Asia in 2020.
However, this is not the first time Hogeg’s enterprise will be launching a sale of tokens. His earlier ventures like the blockchain prediction market platform Stox and Sirin Labs which is a blockchain smartphone startup have conducted token sales in the past. But it did not end well as those tokens lost almost 100% of their peak value. This has been worsened by the several lawsuits that Hogeg has been involved in.
BlockTV seems to be quite optimistic despite all the challenges. This was confirmed by an official with the BlockTV management. The official confirmed to Globes that a lot of money went into the investment in operations of the website. The same source explained that they are very positive-minded regarding what the future has in stock for the company. It is quite clear BlockTV is basing a lot of its plans on the success of this round of fundraising. The spokesperson of BlockTV made some clarifications. They are not launching an ICO. What they are doing is the listing of a new token on Bittrex Global and there will be no pre-sale.
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