Upcoming ICO: Aussie Tennis Pro Backs Auscoin

on Dec 18, 2017

Auscoin has raised more than USD 1 million in 24 hours. Perhaps its success has something to do with the endorsement of famous tennis player Nick Kyrgios, who posted a video about the upcoming ICO on his social media pages including Twitter and Facebook. Auscoin is looking to inject liquidity into the cryptocurrency market. They’re behind a technology for Australia and the Asia-Pacific region that they say makes it easier to buy and sell bitcoin and integrate the cryptocurrency into everyday transactions.

“Bitcoin has been the talk of the town. AUSCOIN is rolling out 1200 Bitcoin ATM’s across Australia. Are you invested in Bitcoin? Is going to keep booming or is it going to bust? I’d love to know what you think,” said Kyrgios. The post attracted 45,000 views and hundreds of comments from fans, including some who showed evidenced of having dabbled in cryptocurrencies themselves. 

Auscoin is one of those upcoming ICOs with a business model that is already in motion, evidenced by some 1,200 Auscoin ATMs that are already positioned around Australia. They have a payments gateway and also direct users to retail POS systems that take their coin and bitcoin. Auscoin relies on the Ethereum network for transactions.

Upcoming ICO on Regulators’ Radar?

Celebrity endorsements are a slippery slope in the United States, and Australian regulators have been taking a similar approach toward their treatment of cryptocurrencies and upcoming ICOs as their American counterparts. While it’s unclear whether Kyrgios was compensated for his tweet, it’s possible the move may have similarly caught the attention of Aussie securities regulators.  

The AUD 1 million was raised in a seed round. The startup also has an ICO pre-sale and ICO allocation planned for January 2018 and February 2018, respectively. Releasing the tokens in stages is an approach that resembles that of venture capitalists, as it can keep a management team motivated to advance the project in order to raise more funds in each stage of the offering.