The Zurich-based Fintech startup Lykke announced that it has raised $1 million during its initial coin offering (ICO), which closed on October 11. During the one month long ICO, more than 23 million Lykke coin were sold, raising CHF 1,161,338, which amounts to around $1 million. During the ICO, Lykke’s mobile wallet was downloaded by over 1,200 new users and the amount of Lykke coin holders increased from 147 to 717. While the target amount of CHF 1.5 million was not reached, Lykke’s management still considers the ICO a success.
Lykke founder and CEO Richard Olson announced after the ICO:
“We are thrilled to welcome almost 500 new shareholders from 90 countries, who have invested a total of 1,161,338 CHF during our online sale. Thank you to the many new stakeholders, who are helping us build our global marketplace.”
Lykke is in the process of building a blockchain-based FX and digital asset marketplace that aims to allow private individuals and institutional traders to trade cryptocurrency and digital assets securely on a peer-to-peer basis with zero trading commission, immediate settlement, and direct ownership by leveraging blockchain technology.
With the funds raised during the ICO, Lykke intends to continue to apply for brokerage and trading facility licenses from regulators in Europe, Asia, and North America, and proceed to build out its global open-source multi-asset trading platform.
Lykke’s trading platform currently offers the trading of bitcoin, Swiss francs, US dollars, euros, pounds, yen, and Lykke coins. Other digital currencies, community coins, indices, and crypto-equities are in the pipeline to be added as the platform grows.
Despite Lykke’s ICO being over, you can still purchase Lykke coins using the Lykke mobile wallet. You can purchase the coins using US dollars, yen, pounds, Swiss francs, euros or bitcoin. During the ICO the price for one Lykke coin was fixed at CHF 0.05. At the time of writing this article, the price is effectively still unchanged at CHF 0.0501 (USD 0.05056).
This has been the third funding round for Lykke. During the previous two funding rounds, Lykke managed to raise over USD 1 million through non-cryptocurrency channels.