April 23, 2024

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[THE INVESTOR] Jibrel Network, a Swiss blockchain firm, on Jan. 12 said it has raised US$30 million with a successful ICO of its digital currency. 

Jibrel sold 120 million units of Jibrel Network Token on Dec. 27, a month ahead of the Jan. 26 deadline. Investors hailed from 140 countries, with the majority coming from Korea, China, Australia, US and Germany, according to the firm. The ICO, which started on Nov. 27, had an average contribution value of US$4,500 from over 5,000 investors. 

The JNT will be publicly traded on at least five exchanges by February. 

“We are thrilled by the results of the token sale,” Talal Tabbaa, Jibrel Network co-founder and business development lead, said in a statement. 

“We are core believers in the benefits of incorporating Distributed Ledger Technology into existing business processes, rather than upending tried and tested operating models. The result of our token sale show that this pragmatic approach is resonating with users across the traditional and crypto economies.”

Jibrel said it focused on complying with capital market regulations and implementing anti-fraud measures, including a know-your-customer process -- which identifies and verifies the identity of its investors -- during the sales process. It also worked with local partners, specifically in Korea and China, to handle customer support and sales. 

Jibrel Network was founded in 2016 by Tabbaa, Yazan Barghunthi and Victor Merzin with a goal to automate and decentralize traditional consumer banking services. Its platform allows users to store and exchange traditional financial assets, such as currencies and bonds, in the Ethereum blockchain. 

Its advisors include Don Tapscott, a leading futurist and co-author of the best-selling book “Blockchain Revolution.” Tapscott will be delivering a keynote speech at the “Blockchain Revolution: Convergence with Traditional Economy” forum scheduled for Jan. 17 in Seoul.

By Ahn Sung-mi (sahn@heraldcorp.com)