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Australian blockchain start-up HCash raises $ 53 million ICO record

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Start the development of Blockchain HCash closed its initial offer of coins ( ICO), raising nearly AUD 53 million – the largest ICO so far in Australia.

In an announcement today, Melbourne-based HCash revealed details of its ICO fundraiser in which startups raised 21,000 Bitcoins in a tour between June 28 and July 15. $ 52.89 million, a record for an Australian OIC. The majority of HCash investors are Chinese who are optimistic about the startup's public side-chain technology that allows the exchange of value and data between different blockchains, both block and blockless.

CEO of HCash, Dallas Brooks, said:

HCash is the first Australian blockchain that aims to connect current blockchains, such as Bitcoin and Ethereum, to the next generation of blockchain technology. We expect HCash to usher in a new era of blockchain technology where isolated blockchains can communicate and recognize each other.

HCash developers also work to secure cryptocurrency against quantum attacks by developing technology against research partners at Monash University in Melbourne, Shanghai Jiao Tong University and the Hong Kong Polytechnic University. According to the details of its website, sashechain HCash connects traditional blockchains with block-based DIG (Directed Acyclic Graph) systems to significantly reduce transaction times scaled up with enhanced privacy features.

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For the moment, the details of a commercial deployment of the technology remain unknown. The ICO of HCash follows that of Power Ledger, based in Perth, the developer of the peer-to-peer solar energy market that has raised more than $ 34 million in a bid for parts recently concluded. The success of these fundraisers has prompted the Australian Securities & Investment Commission (ASIC) to issue guidelines for companies and start-ups looking for funding through country offices.

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"ASIC recognizes that country offices have the potential to make a significant contribution to the options available to businesses for raising funds and investment options available to investors," reads guidelines published by the regulator in September.

Image from Shutterstock.

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