Enterprise blockchain company Money By Design is planning an initial coin offering (ICO) and hopes to secure more than $350 million through the deal.
France-based ICO boutique Chaineum told PYMNTS on Tuesday (Jan. 9) that it will be managing the ICO. The private placement will launch on Feb. 15.
Money By Design has launched a project called the Smart Tokenization Blockchain, which uses blockchain to produce and manage tokens. The company describes its solution as an “augmented currency” that can boost transaction efficiency.
Funds raised via the ICO will be used to develop the infrastructure and link it to “the world of institutional finance,” it said. Currencies created via Money By Design’s vision could be used in seven ways, including as an “instrument for counting, measuring, exchanging, producing, depositing, organizing and expressing value (voting).”
“This full use of the monetary instrument is made possible because it reflects the contemporary movement in which currency is increasingly digital,” said Money By Design Co-Founder Olivier Rocca in a statement sent to PYMNTS. “The Money By Design project opens up the possibility to the entire world of having intelligent monetary instruments in tune with the needs of our time.”
The company also plans to leverage its solution for the financial services market.
“The Money By Design project will allow financial institutions to leverage the blockchain,” Rocca continued. “A collaboration with BNP Paribas French Banking Group has already started.”
According to Chaineum, the ICO will be fully compliant with regulatory requirements.
Europe is a hot bed for ICOs at the moment. Reports from Reuters last month said European businesses have raised $1.76 billion from ICOs since the beginning of 2014, citing data from Token Data. That compares with North America’s $1.08 billion raised via ICOs in that time.
While ICO popularity increases, regulators have begun to scrutinize the fundraising method, warning over the possibility of lost investments and fraud.