SA’s Ekasi-bucks ICO falls short of R50m target, nets just R500 000

South African Blockhain consultancy Ekasi-bucks has fallen far short of an ambitious target to raise R50-million in an initial coin offering (ICO) to fund a Blockchain-based rewards programme for township residents that buy from certain affiliated township businesses.
Ekasi-bucks’ ICO, which kicked off on 25 September, came to an end yesterday. The platform raised just R500 000, the site’s co-founder Lucky Kgwadi said today.
He however said most of the R500 000 — which had come from US — was returned to investors. The platform has retained only about R100 000, netted from non-US citizens — including investors from India. The R100 000 has none the less allowed the startup to cover […]