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South African startup Prosperiprop may have been too optimistic when it launched its PROPEX initial coin offering (ICO) last month. With nine days to the end of the ICO the startup has raised a mere $20 269, through selling 144 154 tokens,against a targeted $20-million
Through its its ICO the startup wants to allow investors a chance to invest in international property.
Last month Prosperiprop founder Llew Morkel said the company was seeking to raise between $60-million and $120-million through the ICO in PROPX tokens, valued at one dollar a piece. The company will itself retain $80-million of tokens.
ICO has been a hectic learning curve – but a very positive one says Prosperiprop founder
The poor performance of the ICO so far comes despite the appointment by the startup in the same month of Grant Thornton to audit the ICO.
When sought for comment on the poor performance of the ICO so far, Morkel said only via email that it had been “a hectic learning curve – but a very positive one”.