Published By : 16 Feb 2018 | Published By : QYRESEARCH
Zebi, a blockchain startup headquartered at Hyderabad, India, raised US$2 mn in just a little more than six days via a pre-sale of its initial coin offerings. This step of the company has proved to be exceptionally effective in uncluttering some of the dark clouds that are prevalent over the market for cryptocurrency across the world. Nowadays, digital currencies, such as bitcoin, are undergoing unprecedented instability and have come under the scanners of tax regulators and officials; however, for Indian startups that are looking to raise capital via initial coin offerings, its business is as usual.
Over half-a-dozen enterprises in India are going ahead unperturbed with their initial coin offering plans, relying on the strength of their products. Babu Munagala, the CEO of Zebi stated that the company has a product with global appeal and already a live customer, that is, the Andhra Pradesh government, which actually is rare in the blockchain business. “This factor helped the company significantly succeed in this presale round in this environment, which otherwise is very tough,” he added. The presale of Zebi, which closed on Monday, a day before the actual schedule, is a part of the US$10 mn initial coin offerings planned by the company for March, 2018. The initial coin offerings is being conducted in Singapore and ethereum - a crypto-currency lesser valuable than bitcoin but more stable at present – is being used for the sale.