EF Hutton has contacted Coin Rivet to announce plans to launch several initial coin offerings (ICOs), raising $60 million to fund marketing, technology and redeem debt for general corporate expenses. The first ICO is scheduled to end in January 2019.
EF Hutton and its affiliates expect to issue multiple instruments, coins and tokens. It will publish whitepapers to describe the use case for each instrument. The firm has hired an advisor that has assisted other companies who have raised a combined total of $290 million through ICOs.
EF Hutton know the ICO market
HUTN CEO Christopher Daniels, who shared his company’s press release with Coin Rivet, says that “as a FinTech company, HUTN knows the ICO market and has prepared for these ICOs for many months”.
He adds that at EF Hutton “we know ICOs succeed when they present powerful use cases that improve their holders’ utility with the peer-to-peer functionality of blockchain’s technology. Consequently, we are confident that ICO buyers will eagerly seek to hold the coins and tokens we are issuing”.
Daniels emphasises that “we are confident HUTN shareholders will appreciate the fact that our ICOs will not be dilutive”. He recently told Coin Rivet that EF Hutton would be getting more deeply involved in the cryptocurrency sector because it clearly has value and will continue to grow at a much faster rate than any other digital asset class.
In the first six months of 2018, startups and FinTech firms raised more than $13 billion through ICOs around the world, Pricewaterhouse reported recently. The capital raised in ICOs during the first half of this year was 40% greater than the entire amount of money raised by companies through the traditional common stock initial public offerings (IPOs) and more than 30% of the capital raised from venture capital, Forbes has reported.
Special insight and experience
EF Hutton has positioned itself as one of the largest financial institutions in the US with “special insight and experience in the cryptocurrency market”.
Last week, it began its new subscription-based cryptocurrency reports that help investors to understand the crypto market better and, consequently, better invest their money in the best-rated cryptos.
Daniels is due to speak at blockchain conference, Block World, to be held in San Jose, California, this Friday, 14th September.