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Brickblock Closes Successful pre-ICO Token Sale
Secures over $1m with almost 800 contributors
Brickblock, the platform for cryptocurrency holders to invest directly in REITs, ETFs and crypto funds, has successfully closed its pre-ICO token sale, reaching its target of $1m. This prepares Brickblock for its full ICO, which is set for October 11th 2017.
Brickblock allows people from all over the world to invest cryptocurrency in real-world assets, as well as crypto funds, without first exchanging into fiat currency. This gives investors an easy way to manage the volatility in cryptocurrencies by diversifying their portfolios without incurring costly conversion charges.
Brickblock’s aim is to remove the barriers of cost and geography that currently prevent wider participation in financial markets. By using smart contracts, Brickblock is able to significantly reduce the costs of trading these assets compared to traditional means. It also cuts counterparty risk by reducing clearing time from two days to just minutes, removes geographic restrictions for investors and has no minimum investment – indeed investors need not even have a traditional bank account.
Jakob Drzazga, Brickblock’s co-founder, commented: “You only have to glimpse a cryptocurrency price chart to see the volatility. However, we believe that cryptocurrencies are the future of finance, so we set out to build an inclusive platform that makes it easier for everyone to invest in both cryptocurrency and real-world assets.”
Brickblock’s other co-founder, Martin Mischke, added: “The response to our token sale – with over $1m raised from almost 800 contributors – shows that we are not alone in believing that the traditional routes to investment are no longer fit for purpose. With this initial backing, we are now perfectly positioned to bring Brickblock to life.”
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