Authorized by the authorities
The French ICO, is the first Initial Coin Offering to receive approval (a sort of financial visa) from the government agency, Autorité des Marchés Financiers (AMF). They have now closed the offer period and are fully subscribed.
According to a public announcement from the company, French ICO received 574.85 ETH, which was 115% of what they set as the minimum increase for the offer. The founders accounted for ETH 86.47 in the transaction. The total proceeds measured in EURO are 123,047, which in Norway would be NOK1.4 million.
The capital will be used to scale the “1st French ICO platform” project, whose main business is to help other companies raise money through ICOs from a global investor market.
France is early out
Investors in the transaction were given tokens called FICO, which can be used to buy services on the platform. They could also sell on the market through a listing on the Zebitex stock exchange.
According to the business plan of the French ICO, their vision is to innovate in financial solutions and create alternatives to traditional finance. It fits well in France, as the country was one of the first in the world to create a good regulatory regime for raising capital through ICOs. Under the LOI Pacte legislation, the authorities allowed cryptocurrency projects to seek approval from the regulator AMF. Upon approval, they can now offer tokens to the public in such ICOs. So far, two projects have been approved, and the next is WPO, which received approval last month.