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https://twitter.com/Scott_Picken

Wealth Migrate assessing market, exchanges before phase two of ICO

SA startup Wealth Migrate is assessing market conditions and the timing of the security exchanges to work out when to launch the second phase of an initial coin offering (ICO) for its WealthE tokens, the startup’s founder Scott Picken said.

This, after the Cape Town based startup raised just over $3-million in the ICO’s first phase which closed on 21 May. Through the ICO investors will be able to invest in global property portfolios.

In an email to Ventureburn last Thursday (2 August) Picken said the startup has closed on phase one of the ICO, and is working on pivoting to a security token in phase two.

“We closed phase one in May as the plan was always to primarily focus on a security token. At the moment we are assessing the market conditions and also the timing of the security exchanges to determine the timing to launch phase two,” he said.

‘Wealth Migrate is assessing the market conditions and timing of the security exchanges to determine the timing to launch phase two’

Wealth Migrate was able to sell 33,780,534.00 WealthE tokens. The just over $3-million the startup raised was 11% of the targeted amount of $30-million.

In March Picken told Ventureburn that the startup had raised $2.4-million in a pre-sale ICO so far.

Commenting on the startup having only been able to raise a further $900 00 he said the market conditions have not been easy and added that the company also pivoted from utility tokens to security tokens during this time.

Read more: ICOs may have frizzled but SA startups are closer to meeting targeted raises
Read more: Wealth Migrate delays real estate ICO ‘to ensure all ducks are in a row’

Featured image: Scott Picken via Twitter