Entrepreneur Vinny Lingham to Announce ICO at Consensus 2017

The CEO of blockchain identity platform Civic is expected to announce a forthcoming token sale today.

AccessTimeIconMay 23, 2017 at 3:15 p.m. UTC
Updated Sep 11, 2021 at 1:23 p.m. UTC
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Updated 23rd May, 2017: This article has been updated with additional details from Civic.

The CEO of blockchain identity platform Civic is expected to announce a forthcoming token sale this Thursday.

According to Vinny Lingham, founder of Civic and former CEO of mobile gift card platform Gyft, the reveal will be made during his talk today at CoinDesk's annual conference Consensus 2017, where he is set to unveil a new product that the tokens will seek to incentivize.

Civic plans to issue its tokens on the ethereum platform for the sale, though a final token will be issued on the RSK platform. Launched earlier this week at Consensus 2017, the platform aims to enable smart contracts on top of bitcoin. (Civic uses the bitcoin blockchain to store hashes it uses for its identity attestation services.)

Civic tokens will provide access to the product and allow token holders participants to benefit from its network effect, he said. Overall, Civic plans to raise $33m by selling 330 million out of 1 billion outstanding tokens, which would make it the highest-earning token sale ever. The rest of the tokens will be allocated to enterprise partners and developers.

Lingham is now working with law firm Perkins Coie, Tokenmarket.net and the Argon Group to launch the sale, which is expected to take place during the first week of June.

Founded in 2016, Civic raised $2.75m last year at launch. A white paper detailing the tokens is to be released soon.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Civic.

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