Crypto mining company Viabtc ICO raises $30 million In record time

Mining Pool Viabtc finished the first high-value initial coin offering (ICO) using the Wormhole protocol and Bitcoin Cash chain on October 85h. The exchange data shows that Viabtc Token ICO raised US$3,700 per second capturing a total of $30 million in 2.2 hours.

Viabtc is the world’s 8th largest mining pool with ~5% of total hashrate currently. The Shenzhen-based company also offers cloud mining and has its own cryptocurrency exchange which trades bitcoin, ether, litecoin, and zcash. The exchange was launched after the company closed a 20 million CNY Series A funding round in March led by Bitmain, operator of the world’s largest bitcoin mining pool Antpool.

The company refers to Viabtc Token (VIAT) as a value-added service and privilege token that can be used as “gas” or a method of value transfer. When VIAT was issued on the Wormhole network a fixed supply of 2 billion tokens was set by the developers. After raising $30 million on Monday, on Oct 9th, Coinex users who trade the VIAT token will receive an airdrop from the firm’s stash of CET tokens.

VIAT will be used for a process called ‘Duo mining’ which gives miners normal pool payouts but also an added payout of viat as well. The viat mining payouts will be released in four phases and will give miners extra incentives to join the pool. The mining pool says that users can invite friends to mine with Viabtc and with a referral link they can receive more payout rewards. Viat owners can also use the currency for discounts toward pool fees and “exclusive customer support.” The tokens will be able to purchase mining accessories, Viabtc souvenirs, and the company’s BTC transaction accelerator.

Besides trading, VIAT will singularly be used for Viabtc services only in order to reinforce the firm within the blockchain industry. The Viabtc Token project is lead by the mining pool’s founder Haipo Yang, and the firm’s COO Huimin Ouyang. VIAT will also be subject to a repurchasing plan and a burning process.

Notably, crypto firms who have created incentive-based tokens for certain services and privileges have done well over the last year. For example, the trading platform Binance and it’s BNB token has managed to position itself at the top 14 highest market valuation out of 2,000+ digital currencies.

Also read: Mobility Open Blockchain Initiative has launched a development “tournament” to explore how vehicles will communicate, co-operate and transact in the smart cities of the near-future