ZrCoin, a project for producing ‘Green Zirconium‘ from waste materials, has completed the collection of $3.7 million in an ICO (Initial Coin Offering) over the course of two weeks, from 11-25 May. The funds will be used to start production of synthetic zirconium in the Urals, with an initial capacity of 400 tons/month in 2018.
“We want to thank investors for their support during the ICO, and we can now confirm that the plant for the production of raw materials in high demand by the industry will be launched. Thanks to blockchain technology, it was possible to attract financing in an extremely short period of time. The bold decision to offer a new investment vehicle backed by the commodity that we plan to produce was met with interest,” comments ZrCoin co-founder, Andrey Nikonorov.
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“We now expect that we will be able to raise enough funds for the construction of a second facility. More and more start-ups are choosing ICOs as a way to gain funds for development, and our team is proud to be among the first projects in the cryptocurrency sector with real-world application.”
Zirconium is a critical commodity for the production of ceramics used in space vehicles and nuclear facilities, due to its stability under extreme temperature and pressure. At present, zirconium is mined from the earth, with harmful effects to the environment.
After the crowdfunding campaign ends and the ZrCoin token is created and distributed using the Waves blockchain, it can be transferred to exchanges for trading.