Estonian Startup Pops Up on SEC Notice Seeking $180 Million

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Estonian Startup Pops Up to Chase $180 Million via SEC Notice

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A little-known company based in Estonia is looking to raise funds up to USD 180 million an obscure ‘GoWeb’ token sale, reports Coindesk.

The SAFT Project is a forum for the discussion of a compliant framework for token sales. Notice of the company using the fundraising sale was published through US Securities and Exchange Commission’s (SEC) EDGAR document system on 4 June.

The company, NewTech Myning OU, will become one of many blockchain startups and projects which have raised money using the SAFT model, by selling tokens with promises of the distribution at a future time. In this case, the offering is for the “sale and issuance of rights to receive GoWeb tokens in the future via a Simple Agreement for Future Tokens”.

The total of USD 180 million is significant as it would represent one of the larger recent token sales, but NewTech Myning is still a minnow in fundraising when compared to Telegram who raised USD 1.8 billion early this year, while EOS raised about USD 4 billion in a token sale over a one-year period starting in June 2017, according to MSN.

There is little information about the Estonia-based company which was only established in March, but startups are increasingly making a home in the country that has become a proactive space in the industry.

Estonia is becoming increasing crypto friendly, with its government previously linked to a national cryptocurrency project which has since been abandoned. The plan to introduce its own cryptocurrency was dumped, following the President of the European Central Bank Mario Draghi’s warning that no EU member can have its own currency apart from the Euro.

Many crypto companies are now doing business in Estonia with Lithuania, Latvia, and Estonia also experiencing an economic boom recently. Estonia’s widespread adoption of cryptocurrencies and fintech has become a breeding ground for new startups.

 

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