Blockchain-based trading platform TrakInvest raises $30 mn through ICO

Singapore-based startup TrakInvest, which provides a social platform to hone trading skills, on Friday said it has raised $30 million (Rs 195 crore) via an initial coin offering (ICO) of virtual tokens that ended on 8 March.

The company had offered 66 million virtual tokens called Trak during the ICO. The Trak coin, the company said, has already been approved for listing on iCoin and Nebula, with more exchanges across Asia to follow suit.

Also, TrakInvest wants to crowdsource financial advice and reward the participants through blockchain. "Moving to blockchain helps TrakInvest create a reward economy where users on the platform can be rewarded for sharing their data, unlike traditional social media websites. This means, when a user shares trade ideas, he/she gets paid for it by peers who would like to follow him/her for recommendations," the company said in a statement, adding that the platform currently has over 100,000 users.

The company also said it has forged partnerships with the governments of Andhra Pradesh, Telangana, and Oman, as well as with Siam Commercial Bank in Thailand.

The company has operations in India, Hong Kong and Thailand. It was founded by Bobby Bhatia, former managing director and head of principal investments at insurer American International Group. 

Several Indian companies have taken the ICO route to secure funds, the latest being Mumbai-based car and bike rental platform Drivezy, which raised $5 million (Rs 32.5 crore). As part of the ICO, Drivezy had offered 12.5 million virtual coins.