Equibit Development Corp. sets funding target, crowdsale date

Equibit blockchain and global securities blockchain application creator Equibit Development Corporation (EDC) has ambitious goals for its initial coin offering scheduled for Feb. 1.

The Toronto-based firm plans to raise up to $7 million US by offering one million equibits (EQB), a new digital asset, for sale on its website. Funds raised will be directed to staff increases, product development, promotion and infrastructure installation.

The offering will be portioned into 100,000-equibit sections, with prices starting at $2 per coin and rising with each batch. Purchases will be delivered user accounts at EDC’s web wallet service, currently scheduled to launch later in 2017.  Any unsold equibits will be retained by EDC.

The sale runs through Mar. 31. A total of 22 million equibits are potentially available.