Who would have thought a few years back that digital currency would be a reality today? Even the most creative mind of Hollywood didn’t imagine in their lofty budgeted sci-fi movies that digital currency would become a stark reality. Not only a reality but it will beat even the highly popular personalities in Hollywood in a popularity contest. The digital currency which is popularly known as cryptocurrency will one day be so spectacular that people will start comparing the various cryptocurrencies. This is proven with the first cryptocurrency even after its’ first-mover advantage getting stiff competition from the later babies. Bitcoin is getting stiff challenge from the other cryptocurrencies. The arch rival of Bitcoin which is Ethereum, is also increasing in terms of popularity.
Ethereum which was proposed by Vitalik Buterin in late 2013 got live on the 30th of July 2014. Even after Ethereum was forked into two blockchains as a result of its’ DAO project being collapsed, it has seen unprecedented growth. The immense popularity of Ethereum can be gauged from the fact that a Ethereum-focused startup Everex has raised $26 million in an initial coin offering (ICO) to develop micro-finance and remittance services. In just a sale running for almost a month it raised 49,477 ETH which is roughly around $18.9 million along with a total of 1,580 BTC which would be approximately $7.54 million. Even prior to this the firm was able to raise $500,000 in seed funding from the Holley Group according to Tech In Asia. Holley Group is a China-based conglomerate whose interests are mainly in the Industrial and Pharmaceutical Industry. The investment in the Financial Sector was for the first time according to the representative of the firm. Everex currently offers a mobile and desktop-based digital wallet, through which users can transact and exchange tokens that are denominated in the traditional currency which we have been accustomed of. The startup aims to use the technology as a basis for building Micro-finance and lending services that use the Ethereum network as a payment rail for tokens.
Not only Ethereum but the other cryptocurrencies are getting benefited by the ICOs in the last few years as it has shown significant interest not only from the investors but also the regulators alike. The extreme media attention on the model has seen development in the regulatory front which includes the development in various countries like China, Israel and Canada. A great amount of nearly $18 billion has been raised since 2014 through ICOs according to CoinDesk, a digital platform dedicated to cryptocurrencies.