Capitalizations Index – B ∞/21M
U.S. taxpayers are required to report income from virtual currency transactions, the Internal Revenue Service has advised taxpayers in a notice. The agency has provided guidance on virtual currency in IRS Notice 2014-21 for taxpayers and tax preparers. Just like transactions in any other property, virtual currency transactions are taxable. Those who fail to report …
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A new smart contract based crowdfunding platform, is set to launch in Q1 2018, making its services available to cryptocurrency investors and entrepreneurs. The platform is built with a goal to help the project leaders raise funds in bitcoin and Ethereum, to back their ideas through various partnerships.
[Note: This is a press release.]
The platform’s mission aligns with the recent trends in the cryptocurrency market which saw a huge rise in ICO investment during 2016. During the period, over $200 million raised across the board. Despite the huge influx of ICO investments, smaller and less technically savvy project leaders are less able to orchestrate such investment vehicles.
aims to simplify the crowdfunding process, to give all ‘Project creators’ a chance to receive the necessary funding to establish themselves in the market. FundYourselfNow project creators will be able to create virtual tokens, which will offer unique customized rewards to the investors, which contribute towards the project. The tokens will eventually be eligible to be traded on cryptocurrency market platforms.
FundYourselfNow is built over Ethereum platform, leveraged by its smart contract capabilities. It has already seen significant developments in terms of inclusion of bitcoin support via Rootstock and more as the team prepares for the crowdsale.
The Ethereum smart contracts are designed to promote a level of accountability within the crowdfunding ecosystem. The platform has a milestone-based payment option, which allows project investors the ability to withdraw fund, should a project fails to deliver on its targets. This alleviates a large portion of the risk currently faced by investors in most standard cryptocurrency ICO’s.
Hong Kong-listed company, Success dragon International’s CEO Carlos Salas recently lead the seed funding round for FundYourselfNow. Carlos, also an angel investor and accomplished businessman, helped the platform reach their initial funding goal faster than anticipated.
The funds raised through crowdsale will be utilized by FundYourselfNow to continue the platform’s development and offer project creators cryptocurrency-backed funding, through their crowdfunding campaigns.
Pinnacle Digital has acquired Caxton Worldwide Success Limited, in order to assist FundYourselfNow to achieve its own separate legal status. Led by Pinnacle Digital’s team, FundYourselfNow will continue its fundraising and development under the heading of Caxton Worldwide Success Limited. The platform has , giving investors a chance to support the crowdfunding project from day one.
Images courtesy of FundYourselfNow, Shutterstock
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