Billionaire venture capitalist Tim Draper announced on Monday that he has bought 10% of all tokens in the initial coin offering (ICO) of Credo, a new cryptocurrency meant to solve the problem of email spam. The CEO of BitBounce, Stewart Dennis, who is heading the project, sat down to talk with Finance Magnates about his solution and the ICO process.

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The interview was broadcast live and a video recording is available here:

Background

Draper made tidal waves in the investor community last month by investing in the companies that created Tezos and Bancor. He was also the winner of the US Marshals Bitcoin auction, making him one of the leading owners of Bitcoin.

“Token offerings allow entrepreneurs a new way to transform society. They are doing everything from banking the unbanked to streamlining how people transact business to helping secure people’s identities. Credos solve the SPAM problem, allowing legitimate advertisers to pay to connect, while allowing people to put value on their time and attention,” said Draper.

Draper previously made multiple investments in Credo’s parent company BitBounce.

Credo and BitBounce were developed by husband-and-wife team Stewart Dennis and Alexis Roizen-Dennis. Stewart is a Stanford Computer Science graduate and leads engineering for the company. Alexis studied art at the Academy of Art University in San Francisco and leads design for the company. The team also created the SaaS product suite called Turing Cloud, which gave them their experience in developing email software.

Credo’s official ICO for the public is taking place on July 26th.