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Cryptocurrency robo looking to raise up to £24.5 million

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Cryptocurrency robo looking to raise up to £24.5 million

Looking to cash in on the surge of interest in bitcoin, a company is raising capital to launch what it believes is the first robo-adviser focused exclusively on cryptocurrencies.

Malta-based research house Steady Wealth is launching an initial coin offering (ICO) in November, through which it is looking to raise between 3,000 Ethereum (ETH) (£736,000) and 100,000 ETH (£24.5 million). Investors will receive their investment in the form of the new cryptocurrency, RoboAdvisorCoin (RAC), which will have a second raising with a cap set at 15,000 ETH. 

If the first cap is not met, all subscribed ETH will be returned to the contributors.

The ICO will officially open on 24 November and have a timeframe of 30 days or upon reaching the maximum ETH allocated, whichever is earlier.

The company is aiming to generate 4 million RACs, 25% of which will be reserved for the robo advisory team. Another 25% will be reserved for the RAC platform with 50% to be distributed to contributors during the ICO.

RAC owners will have access to existing and future services provided by the platform for an offer price, which will be fixed until 2021.

RAC will provide transparent and verifiable robo-based forecasts on cryptocurrency price movements, which will be provided via a shared database. Users will be able to access the platform to obtain personalised reports on their list of cryptocurrencies and tokens.

The company stated that providing on demand forecasts will mean that ‘miners will be able to process on-demand cryptocurrency predictions, coupled with the knowledge provided by the platform with their proprietary information on the available production technology, in order to choose the cryptocurrency which is the most profitable to mine at any given time’.

The company added: ‘We believe RoboAdvisorCoin represents a cutting-edge mix of artificial intelligence, big data analytics, and blockchain technologies applied to digital currencies and digital assets.

‘This will make RAC an indispensable support tool for the design and optimisation of crypto-trading strategies and risk management.’

The company is led by CEO and founder Edoardo Narduzzi, and co-founder and CTO Alessandro Lentini.

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