Blockchain firm Lendo has announced that it has successfully closed its pre-ICO sale ahead of schedule after successfully finalizing negotiations with one of its lending partners to reserve the remaining token allocation in the pre-ICO.
Lendo kicked off the ICO sale as an open pre-sale on March 28th this year and it was expected to last until April 28th. The latter is also the date at which the company planned to launch its public crowdsale after the scheduled completion of the pre-sale. However, the pre-sale has been finalized 12 days earlier than the planned date, meaning the company is on the right track towards achieving its planned milestones.
Lendo which is currently based in the UK has attracted the attention of the global financial community with its promising plan of blurring the line between traditional finance and the cryptocurrency market. Corporate participation was one of the reasons why it managed to wind up the pre-sale phase of the ICO, thus demonstrating the value that its vision stands to offer.
The blockchain firm has planned six phases for the Ethereum Lendo token (ELT) ICO through which it plans to issue roughly 1.2 million ELT tokens in a locked supply. About 45 percent of the tokens will be issued through the fundraising campaign while 33.33 percent of the tokens will be put in Lendo?s reserve. Roughly 1.6 percent of the tokens will be used in the company?s bounty program while the remaining 20 percent ELT tokens will be distributed to advisors and founders. The tokens are expected to carry a vesting period which will last between 6 months and 2 years.
Lendo?s ICO comes at a time when the cryptocurrency market is recovering from a massive slump that saw it lose most of the gains observed towards the end of 2017. Analysts have described the slump as the teething phase and that it is a demonstration that the cryptocurrency market is here to stay.
Companies and organizations that offer financial services have undoubtedly taken notice of the potential of the cryptocurrency market and as such, they are now taking measures so as not to be left behind.
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