Blockchain-based services marketplace CanYa has completed Australia’s second-largest initial coin offering (ICO), raising $12 million in cryptocurrency Ethereum over a 30-day period via a crowdsale of its CAN tokens.
During that period, the 2015-founded startup also completed the acquisition of a majority stake in online bug bounty platform BountySource for an undisclosed amount, taking the platform’s 46,000 members under its wing in a move that CanYa co-founder Kyle Hornberg says is unprecedented in the ICO and cryptocurrency space.
“Over the past months we went to any blockchain or crypto conference we could get to — if it had crypto involved with it, we were there. At one of those conferences we became aware of BountySource and the interest the founders had to exit the business,” Hornberg told StartupSmart.
“We realised their company and values were directly aligned with ours, and as was the other major stakeholders. From there, the dominos began to fall — we saw the opportunity and took it.”
Right in the midst of their own ICO, Hornberg acknowledges the CanYa team had their hands full, but with 46,000 users on BountySource’s platform, the acquisition opportunity was too good. Read more
Dominic Powell – Smart Company – 8 Jan 2018