In the beginning of August ICOBox managed to attract over $8.3 million (about 2,100 BTC) during the pre-sale period that lasted only 8 days. The official ICOS token sale was launched on the 15th of August, it will last for 32 days, ending on the 15th of September. ICOBox has already attracted about $13.000.000 (3000 BTC) to date. ICObox is a platform that will enable cost reduction for new and underfunded ICO projects. Mike Raitsyn, Co-founder of the ICOBox, shared insights on his project and explained how a company can operate in the interest of ICO projects and token holders at the same time.
What is the concept behind the ICOBox project?
Launching a successful ICO takes time, money and effort. One may need to hire a professional team or find an outsourcing agency that will make the necessary preparations: creation of smart contract, legal model and marketing program. Many of the new ICO projects simply don’t have the capacity to perform this work. ICOBox is aimed at helping these underfunded projects by selling ICOS tokens, which will enable to fund the best ICO projects, selected by the token holders. These ICO’s will receive all the needed tools and support packages from the ICOBox in exchange for their future tokens.
Specify the business model, how does ICOBox earn the money?
It is quite simple. The ICO gets services from ICOBox that are valued in ICOS token. When the ICO launches it’s new tokens, it pays off to ICOBox with an average exchange rate of 1:4 in value. This means that if an ICO applied services worth 25 BTC, it will need to pay in its own tokens the amount that is worth 120 BTC. The token holders get a discount of 75%, so buying an ICOS token for 1000$ will get a 4000$ worth of new tokens.
So basically you are offering promotion packages?
Exactly, we call it Box solutions and offer them for 50 BTC. These include technology solutions, like smart contract management systems and book building platforms; legal solutions, including help with token structuring and consultation on legal papers; marketing solutions with a 20 000$ traffic package. It will take only 2 weeks for preparation and 4 weeks for the PR campaign before the official launch of the ICO. And the projects can choose only the modules that they really need, for example only legal consulting.
How do investors know that ICOBox is really using their money to help launch new ICO’s?
The system is 100% transparent. The token holders can track online the upcoming and ongoing ICO’s on the site and they can track the sources funded in each ICO. Control of the whole crowd sale process is in the hands of the token holders: they vote for the best ICO’ s they want to launch and they are free to exchange tokens at any stage of the ICO.
Tell us more about your team, the Co-founders?
We have over 2 years of professional experience in the cryptocurrency market and over 15 years of development experience. There are two more Co-founders working on the project with me: Nick Evdokimov, ex Co-founder of AdInTop and Cryptonomos, founder of SeoPult, and Anar Babaev, Head of Digital Marketing at Cryptonomos. All the three of us want to build up a company with scalable solutions. The existing turn-key projects are able to provide full services for only a couple of clients each month.
What are the technical characteristics of the project?
ICOBox is a SaaS product (software as a service) in which all standard ICO elements are automated and simplified. The ICOS tokens are ERC-20 standard based Ethereum tokens. We also use Escrow, it will release the funds upon confirmation that the company is performing it’s contract obligations and releasing new ICO’s.
How do you expect ICOBox to develop in the first year?
We expect to launch around 400 hundred ICO’s in the first year. So far we are the first project to launch a Blockchain Jumpstarter. We are planning to set the model for any other similar projects and set the tone of voice and standards in this area of Cryptocurrency market. The projects we are planning to support will be very different – from industry disruptive companies to small teams with high quality products. Our goal is to conduct a thorough screening before proceeding with any project in order to ensure high potential.
Have you announced any project so far?
At this stage we have over 10 clients selected for voting, which will be held on October 2, 2017. For example, one project was are already announced: entrepreneur Elena Masolova has launched TokenStars – this enterprise is aimed at funding talented sportsmen.
What was the key factor that helped you raise over 8$ mln in only 8 days?
Well, I guess we are the first in trend and we really offer a unique solution, interesting for all the participants of our project. Of course, the white paper is clear, as well as the team identity. We have an impressive background, the players of the financial market know us for our previous projects. The biggest interest was coming from orthodox VC funds. We’ve prepared for the project launch intensively and our commercial proposal is clear: we conduct a screening of projects, we evaluate the demand of the future token offerings at the stage of voting and we suggest a 75% discount on tokens. No one can beat that on the market so far.