ORCA, a digital banking and crypto trading API platform, has closed the first round of its ICO on its $1.5m cap.
The company distributed more than 33 million of its digital token for the sale, selling them all within 50 hours. This is just the first round of the ICO, and people are now able to whitelist themselves for the second stage on the company’s website.
ORCA is a mobile platform which lets consumers build their own digital banking and crypto trading solution, through integrated APIs. The platform merges a range of financial services to empower money control, savings and crypto holding through a single solution.
By using ORCA a consumer can access payment cards, lending services, and instant transactions to crypto wallets, exchanges and bank accounts. An AI and machine learning algorithm will also aid the consumer in making better financial decisions.
ORCA tokens will give holders the ability to add apps and services to their ORCA dashboard and pay for certain features. They will also serve as an access point to loyalty quests and rewards, such as deals with partners.
Developers and third-parties which hold tokens will be able to develop and offer new services for ORCA.
There will be a total of 460 million ORCA tokens deployed, of which 42 per cent will be made available through the public token sales.
Around 28 per cent of the tokens will be put into funding the company’s improvement. The community development fund, which will aim to attract new community members and partners, will get 20 per cent of the tokens, while the partners fund, which will integrate third-parties, will have 18 per cent of ORCA.
The remaining 17 per cent of ORCA tokens will be distributed among its founders, developers and advisors.
In a blog post ORCA said, “All in all it was a good test before the public sale. We faced phishing attacks, fake community manager accounts tried to scam ORCA members, while contributors had some problems accessing the ICO cabinet — links were inactive to some while others had their invitations land in junk/spam mailboxes.
“It wasn’t a walk in the park, but we are happy with the results. During the approaching public sale, the sale efficiency should improve. The learning curve will make things easier.”
Copyright © 2018 FinTech Global
Copyright © 2018 RegTech Analyst
