The Hive Project, a cryptocurrency invoice financing platform created to help SMEs get the financing they need, announced today that it has raised $8.95 million through its initial coin offering (ICO), to expand its unique offering.
The new platform, which secured BTC 2,087 from 2,234 participants, is focused on providing new liquidity pools for small and medium-sized businesses which are often challenged by the levels of collateral required and the strict credit checks put in place by lenders.
The funding is vital to Hive Project’s long-term future sustainability. BTC 1,500 of the new capital will be channelled into platform development, marketing and implementation. In addition, the rest of funds raised, roughly BTC 600, will be set aside for the liquidity pool (HVNX).
ICDX, JFX Announce the 2019 Winners of the Bilateral Transactions VolumeGo to article >>
The Hive Project’s end-to-end platform aims to use blockchain technology to disrupt the SME finance space, using distributed ledger technology to offer SMEs easy access to short-term financing by turning their accounts receivables into tradeable assets.
Powered by the risk-lowering technology offered by blockchain, the platform generates smart contracts and creates a digital marketplace through which small businesses can finance their unpaid invoices.
With its prospects lying in its simplicity, this innovation will give companies the option to sell their invoices to improve their working capital, offering a full marketplace with advanced trading analytics for peer-to-peer lending.
Commenting on the ICO’s success, Jure Soklic, co-founder and CEO, said: “For too long, SME’s have been left out in the cold by traditional lending systems which favor large companies. The success of our token sale is testament to market recognition of the need to reshape the invoice finance industry and ease the burdens faced by SMEs worldwide by bridging the liquidity gap, while providing attractive investment opportunities for invoice buyers.”