The Hive Project has raised more than $5 million in bitcoin (1,500-plus BTC) from more than 1,500 participants, the company announced today. The funds will be allotted to infrastructure growth, marketing and platform implementation.
The cryptocurrency-based invoicing platform focuses on providing liquidity pools for SMEs. Based on the Ethereum blockchain and smart contract functionality, the Hive Project automates credit scoring assessments and auditing.
“With over a week left until the ICO ends, we have no intention of resting on our laurels,” cofounder and CEO Jure Soklic said. “Our primary focus now is to increase the size of the HVNX liquidity pool which will serve to accelerate adoption of the platform by both SMEs and contributors alike. Put simply, the faster we can start buying invoices from SMEs, enabling them to turn invoices into tradable assets, the faster the marketplace will evolve.”
Once 2,000 BTC has been reached, the extra 500 will be put toward the HVNX. Any BTC between 2,000 and 10,000 raised will be linearly split between the liquidity pool and the development fund.