Equibit blockchain ICO sells $250K on first day

Equibit Development Corporation, creator of the Equibit blockchain and blockchain applications for the global securities industry, opened its initial coin offering on February 1st, selling $250,000 worth in equibits on the sale's first day.

Chris Horlacher, EDC's chief executive officer, said in a statement: "We're off to an incredible start. Over 120,000 equibits have been sold so far. This shows the strong support we're getting from the community and will only get stronger as events unfold over the next two months."

EDC has offered to sell one million equibits out of a total of 22 million equibits potentially available. The sale will run for 59 days to March 31 and is being held on a special sale page at EDC's website.

Purchased equibits will be delivered to user accounts at EDC's web-wallet service. EDC will retain any unsold equibits, as according to the sale's terms and conditions.

The offering started with an initial batch of 100,000 equibits priced at $2 per coin. The crowdsale will adhere to a predetermined schedule, with the price for equibits to increase with each subsequent batch.

All equibits sold in the coin offering will be created in the EDC platform's genesis block, constituting the inception of the system's operation.

Proceeds from the crowdsale will be used to expand EDC's team of developers, accelerate product development, support and expand the network of equibit supporters, install enterprise infrastructure such as supernodes and market Equibit blockchain applications, said the statement.