CharityStars, an online auction platform for the non-profit sector, has announced the success of its AidCoin token sale. The public token sale concluded within 90 minutes of commencing at 12 pm CET with a total hard cap of 14,333 ETH ($16.5 million USD at the time of close). This follows the successful raise of 8,333 ETH in the AidCoin presale in November 2017.
CEO and Co-founder of AidCoin and CharityStars, Francesco Nazari Fusetti commented: “Our team is proud and incredibly humbled by this tremendous show of support for both our project and mission. For years we have worked relentlessly to meet the needs of the most vulnerable in societies around the world, and the success of the AidCoin token sale clearly shows that people everywhere are eager to join us in our journey to not only meet those needs but do so in a way that is more transparent, accountable, and ultimately trustworthy.”
Originally set to run until the 1st of February, 2018, the AidCoin token sale finished on the 16th of January, 2018, with the AID token (AID) distributed to participants at a rate of 1 ETH = 2,000 AID. An ERC20 compliant utility token, AID will provide transparency in the non-profit sector and allows individuals to track their donations with the AIDChain platform. Additionally, AidCoin allows charities to integrate a payment gateway and embeddable widget, called AIDPay, on their website that enables them to directly accept donations in different cryptocurrencies which are then instantly converted into AidCoin.
Fusetti added: “The level of trust and transparency in the non-profit sector is in consistent decline as a number of high profile charities implement poor fundraising practices, misuse their data, and questionably allocate funds. Understandably, this has led to donors becoming increasingly reluctant to give to charities, resulting in immense fundraising struggles. The success of our token sale brings us one step closer to eradicating this issue for the good of causes that truly deserve widespread support,”
Founded in 2013, CharityStars has offices in Los Angeles, London, and Milan. CharityStars’ auctions are conducted through the online platform that features an array of experiences and products which can be purchased through fiat and cryptocurrencies, with proceeds going to partnering charities. AidCoin will leverage CharityStars established network of more than 40,000 donors, over 200 celebrities and 100+ brands to boost AidCoin and AidChain adoption.
The token sale was split into two tracks with an open smart contract for smaller contributors and a KYC compliant registration process facilitated by Bitcoin Suisse for larger contributors. The funds raised from the token sale will go towards fulfilling the AidCoin roadmap, with funding allocated as follows: 40% for product development; 30% for business development; 20% for communications and marketing, and 10% for reserve funds.
Nicolai Oster, Head of ICO at Bitcoin Suisse, said: “The AidCoin project is an extremely worthwhile initiative that has the potential to increase transparency, regain trust, and overhaul the non-profit sector. With the great success of the token sale, we believe that the team has a good foundation and ground for achieving their ambitious goal.”
Fusetti concluded: “Blockchain technology offers an unparalleled first step in restoring the loss of confidence in nonprofits, and we are fully committed to driving the adoption throughout the sector as a whole. As the awareness of AidCoin continues to grow, I look forward to bringing both the blockchain sphere and the charity sector together for the greater good of both industries,”
To date, CharityStars has raised over $10 million USD in funds, supporting 450 charities including Unicef, The Red Cross, Amnesty International, The Special Olympics, Save The Children, and WWF. CharityStars has worked with over 1,000 celebrities and brand partners such as Cristiano Ronaldo, Lewis Hamilton, Andy Murray, James Blunt, Vivienne Westwood, Vanity Fair, and Redbull. Currently running an online auction with Bitcoin Entrepreneur Roger Ver, CharityStars also raised over 50,000 USD for participating charities in a series of auctions with prominent leaders in the blockchain space.