Taiwanese Celebrity Jeff Huang is Launching an ICO and IPO at the Same Time
Taiwanese entrepreneur and entertainment icon Jeff Huang is making headlines across financial markets today for launching an ICO and an IPO at the same time. The entrepreneur is promoting two services, including 17 Media and a new decentralized social media network called Mithril.
M17 Entertainment launched their IPO earlier today on the New York Stock Exchange under the symbol YQ. The Taiwan-based company is building a live streaming platform known as 17 Media. That platform will offer live music streaming, a built-in dating app, social media features, and other functions.
The Mithril ICO, meanwhile, took place back in February.
17 Media is already a major force in many parts of Asia, including Taiwan, Japan, South Korea, Hong Kong, and Singapore. The platform is the top-ranked streaming service in Taiwan and Hong Kong, for example, and sits in the number two position in Japan.
As of March 2018, 17 Media has 33.3 million registered users, with 1 million average active users per month. The company reported Q1 2018 revenue of $37.9 million, an increase of 3.2 times from one year ago.
Mithril is a decentralized social media platform that rewards all content creators.
Download the first app supporting "Social Mining" and start earning MITH now: https://t.co/2aYEfjAKpS pic.twitter.com/yTQJy9lW9D
— Mithril (@MithrilToken) May 31, 2018
17 Media is led by Jeffrey Huang, the co-founder of M17 Entertainment. M17 Entertainment is also creating a social media network called Mithril, which now seeks to position itself as a Facebook competitor. As Facebook is plagued with a growing number of issues related to censorship and misuse of data, users are increasingly searching for a viable alternative. M17 Entertainment’s Mithril is beginning to look like that alternative.
Huang is a big deal in his native Taiwan. He’s a serial entrepreneur and an A-list celebrity in his home country. He’s known not for his entrepreneurial work, but for being a member of the Taiwanese boy band LA Boyz. Huang has released more than 15 albums over his career while also building experience in acting, directing, and producing both movies and TV shows.
Now, the award-winning entertainment icon seeks to bring his talents to the social media space. After leading 17 Media to become a top streaming platform in Asia, Huang has launched a decentralized social media platform called Mithril.
Mithril works differently from other social media networks. On Mithril, users get rewarded for creating content – including just posting photos or videos on the platform. This concept is called “Social Mining”, and it allows users to earn “Mith tokens” in exchange for their own generated content on the network.
Mith tokens are already available for trading on a number of different exchanges, including Bithumb and OKEx. The platform completed its ICO in February. They were forced to end the ICO at the pre-sale round due to massive support.
Users access the Mithril platform using the Lit app, which works in a similar way to traditional social media apps. You have an instant messaging window, a story feed, and a discover tab, for example.
Supporters of 17 Media and Mithril are excited about the future of the platform. They’re already declaring the platform as the successor to Facebook. Just like Facebook took over from MySpace, a new social media platform will eventually take over from Facebook. Could 17 Media’s Mithril be that platform? Stay tuned to find out.