Crowdfunding platform Cofound.it is in the blockchain-project ICONOMI announced the termination of activity and closing. The goal of the team Cofound.it was the creation of an alternative venture through crowdfunding, democratization and transparency. However, according to representatives of the project, the industry is moving in the opposite direction.
— Cofound.it (@cofound_it) September 14, 2018
So, Cofound.it decided not to wait for market reversal and to terminate the existence of the project, allocating assets among the holders of the tokens CFI.
In November 2017, representatives of the platform came to the conclusion that the concept of ICO is required serious structural changes, because all the impact was in the hands of early investors and firms touting tocancel.
Then Cofound.it announced the start of the led program to provide a wide range of people the opportunity to participate in the early stages of funding, but it turned out that “community-based crowdfunding concept no longer exists”. In February, the project representatives confirmed their fears and came to the conclusion that the original idea at the basis of the ICO’s dead.
“The current level of technology does not meet expectations which has given investors the ICO campaign. Many promises blockchain projects will simply not be implemented and operated the community will take a hit”, — said in a statement Cofound.it.
Despite the sharp criticism of the current market, representatives of the platform acknowledged that a number of projects have developed prototypes of innovative products, however, the existing infrastructure is not suitable to run them. From this point of view, the market recovery will take a long time, they added.
Note that September 14 was suspended trade tokens CFI. Detailed information on the distribution of the assets of the platform to the holders of tokens will be published in the near future.
Trading and deposits have been suspended for https://t.co/37BrmT9tLv (CFI) with more information to follow from their team shortly. We will continue to support withdrawals.https://t.co/VP9qktm72o
— Bitfinex (@bitfinex) 14 Sep 2018.
Recall that the launch of Cofound.it was held in the early spring of 2017. Already on pre-sale for early investors, the project was able to raise $12.5 million