Created in 2016 by the founders of payment gateway Cashila, ICONOMI is a blockchain-centric, fund management platform for cryptocurrencies. This Ethereum-based platform features a disintermediated alternative to traditional Wall Street and the multi-billion dollar fund management industry. It will provide tools and easy-to-navigate infrastructure for users seeking to develop their own passive or active-managed cryptocurrency funds. These investors will be able to create their own buckets of cryptocurrencies, which can be invested in by other users worldwide.
On October 4th, the company announced that it had raised over $10.5 million from 3,498 investors worldwide, via a crowdfunding ICO. This was one of the most significant crowdsale campaigns in history – for any category – and among the largest in the fintech space, trailing only the DAO and Ethereum.
Five cryptocurrencies were accepted during the ICO, Bitcoin, Ethereum, and Lisk, as well as fiat US dollars and euros. ICONOMI has outlined plans to utilize the money to rapidly accelerate development, including additional hiring, investment in new office space, and the development of two funds publicized during the ICO.
The first fund, ICONOMI.INDEX FUND (ICNX) will include several vetted cryptocurrencies representing the overall value of publicly traded blockchains. The index currently consists of 14 major cryptocurrencies including Bitcoin, Ethereum, Steem, Dash, Lisk, and Factom, among others. Released to the public in September, it will be it will be actively managed by a team of ICONOMI experts.
In 2017, ICONOMI will launch its Open Fund Management platform a simple management tool where experienced traders can create their own investment funds. The site will feature an overview of available investment fund managers along with a summation of current and past performance.
ICONOMI will publish periodic reports similar to those developed by the Ethereum Foundation. Shareholders will be granted complete access and insight into ICONOMI’s ongoing expenses, a necessary requirement for the proper issuance of dividend payouts to shareholders.
Says co-founder Tim Mitja Zagar: “ICONOMI’s ICO has flung open the crowdfunding doors into perhaps the last remaining traditional realm of business: the financial sector. We expect more and more fintech startups to be capitalized by ICO instead of through guidance by banks, VCs and other money representing the old economy. With crypto assets, we’re reaching a tipping point that will revolutionize everything.”