ICO News: CyberTrust Hits a Snag, Pauses ICO

CyberTrust said on its social media page that the upcoming ICO was postponed and not cancelled, but it's unclear when the updated token sale will unfold.

ICO News: CyberTrust Hits a Snag, Pauses ICO

The CyberTrust project has hit a snag, resulting in a pause of the upcoming ICO. The startup's pre-sale was already under way, and investors will be refunded. The startup, which is behind a technology for securitizing cryptocurrencies, said entities involved with the project were not supportive of a token sale, saying it was an "obstacle to the securitization process." While CyberTrust said on its social media page that the upcoming ICO was postponed and not cancelled, it's unclear when the updated token sale will unfold.

In the interim, and according to a blog post dated Dec. 26, the startup is refunding investors in the ICO pre-sale in the cryptocurrency they used to pay for the CABS tokens and in the amount they committed. Participants are receiving vouchers that they can apply to the new upcoming ICO that will give them privileges, such as a "preferential price quota in the same quantity." 

CyberTrust raised nearly 116,000 ETH in an oversubscribed private round that ended in November. 

Cryptokitties and the Upcoming ICO

CyberTrust is developing the Global Crypto Notes platform, which is at the heart of the delayed upcoming ICO. The platform delivers the securitization of cryptocurrencies including bitcoin, bitcoin cash and Ethereum, as per the company. A securitized cryptocurrency becomes a derivative, which they say can be placed on the books for tax purposes at an organization. They believe by securitizing cryptocurrencies and removing the need for a private-key framework they will usher in institutional investors such as pension funds that have thus far been on the sidelines of the cryptocurrency era.

They use the wildly popular CryptoKitties app as a "satirical work." A crypto kitty's value, they suggest, could surpass a six-digit figure. Crypto kitties are virtual assets that alone are not securitized, or backed by anything. As a result, if there is a security breach of some kind and these virtual assets are hacked, the owner of the asset could have no way to retrieve their investment. That's where securitization comes in, and CyberTrust seemingly does this through titled claims that entitle the asset owner to reclaim their holdings in a court of law. 

According to the CyberTrust white paper, they plan to launch their platform in Q2 2018.

 

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