LinkedIn’s Tech Officer And Founder Raising Funds Towards ICOHub Platform
In a recent report, the co-founder of LinkedIn – Eric Ly – has show that he has raised approximately $20 million towards a new coin called the Hub Token, which will be involved in new platform ICOHub.
A Form D published on June 1st showed the support for the token sale, though the ICOHub platform has been active since April. Their goal is to create a more reputable base for token sales, which is a necessary effort in the industry that has sustained multiple counts of ICO fraud this year.
The Hub Token funding is being raised in a Simple Agreement for Future Tokens (SAFT) sale, which has created over $13 million of the $20 million offered, with 20 investors contributing to the sale. In the whitepaper of the project, the company describes their effort as being a motivation for trust in the industry and the network.
Essentially, Vy wants to make a source of crypto transactions that is easily verifiable for other token projects as well.
In a publication with VentureBeat, Ly provided the following statement regarding the efforts:
“The reputation of an entity might come from individuals but also past business dealings the entity has had, such as past financings, partnerships, and customers, that would increase their trust score. ICOHub will rely on a ‘web of trust’ from multiple data sources to determine the trust scores.”