The UK blockchain-based hiring platform Zinc has recently acquired $2.95 million in a month through a crowdfunding effort. This capital will be put towards technology development in hopes of becoming the new standard in the UK for transparency and reliable proof of work history and vetting in the tech market.
Zinc, a company leading the way with a crowd sale framework, is trying to get consumers to trust and believe in cryptocurrency and begin adding to it again. Despite what other crowd sale businesses are doing, Zinc is giving those who contribute peace of mind by splitting their project into three parts. The first 30% of funds will be released after the sale of tokens, 40% after the main network is up and running sometime in 2018, and the final 30% once 10,000 customers are active on that network.
After these points are reached, Zinc will begin two more crowd sale contributor rounds sometime over the next four years. In addition Zinc is offering refunds to everyone if any of their milestones aren’t reached.
Luke Shipley, CEO of Zinc, commented: “To crowdsale or not to crowdsale became one of the biggest questions for Zinc. We decided there was an opportunity to bring legitimacy to token sales with our milestone based model, as it de-risks the sale for contributors and allows us to accelerate our route to market. We were also keen to avoid gimmicks such as mass giveaways and large discounts that favor larger contributors, frequently offered in other funding rounds, which serve to de-value the token.”
Alongside the milestone-based model, Zinc maintained a low-end cap for its crowdsale round to secure value for their contributors. With contributions coming from more than 80 nations globally, Zinc persisted in its democratic style by accepting the majority from their low-capital investors. More than 45% of the capital came from contributors that committed under 10 Ethereum.
Shipley continued: “Having reached our first milestone, I am confident that our contributors will witness Zinc turning the world of hiring on its head. Our platform has the power to cut out many of the inefficiencies associated with hiring and enable the interview process to be completely open-sourced, saving recruiters and workers both time and money.”
Shipley concluded: “The funds we have raised have within such a short period have made it possible for us to rapidly scale our operations and grow our team. We are passionate about revolutionizing the somewhat painful world of hiring and are confident that Zinc’s platform will quickly become a ‘must have’ to recruiters and workers alike.”
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