Australian blockchain startup Havven has closed its initial coin offering (ICO) after raising its hard cap of $30 million in less than 90 minutes. The Havven ICO is the largest by an Australian cryptocurrency project, exceeding PowerLedger’s $27 million ICO in late 2017. Tokens will be distributed to sale participants between March 7-13.
“The Havven token sale is now complete, with USD$30 million in purchases,” Havvan Project Manager Garth Travers said in a statement. “The sale generated significant interest with over 25,000 people registering for our whitelist. Due to the high demand the sale closed in just over 90 minutes. Across the two phases of the sale over 3,000 people made purchases, $26 million of which was completed during the EOI phase that ended on the 27th of February and $4 million completed in the main sale which ended at 13:30 PST on the 28th of February.”
Havven, a decentralized payment network and stablecoin that allows users to transact with an asset-backed cryptocurrency pegged to the US Dollar, aims to combat one of the biggest problems of cryptocurrencies at the moment: volatility.
The platform is composed of two tokens: stabilized exchange tokens, called Nomins, and the reserve tokens that backs them, called Havvens (HAV). Unlike bitcoin, which has a fixed monetary policy that does not allow it to adjust to changing demand for the currency, Havven has developed a system of currency which backs itself. The Havven stablecoin system uses a collateral, two-token model to attain the steady value of such fiat currencies as the US dollar, while retaining the desirable characteristics of bitcoin, such as transaction immutability and decentralisation.
The company claims that this method of stablecoin and reserved collateral is a simple solution to the problem of stability. It is designed to provide a practical medium of exchange, a stable cryptocurrency useful for everyday economic purposes, and to accelerate the adoption of blockchain technology to improve the technology of money. The platform will offer a digital method of payment that fulfills the same three functions that traditional forms of money and asset-ownership do, act as a unit of account, a medium of exchange, and as a store of value.
“There is currently no effective, decentralized unit of account,” says Kain Warwick, founder and CEO of Havven. “Through my experience with the founding of blueshyft, I understood that in order to accelerate crypto adoption, we needed a stable currency that all people and businesses could understand. With Havven, we are creating an open-source protocol with the goal to create the first trustless stablecoin.”