EF Hutton to raise $60 million from issuing crypto instruments.
EF Hutton, a US stock brokerage firm under the hood of HUTN Inc., plans to raise 60 million dollars from issuing cryptocurrency instruments from the beginning of 2019, as reported by Bloomberg on Thursday.
The latest announcement that the parent organization HUTN mad spoke about them offering “multiple instruments, coins, and tokens” which would help in gaining a profit of at least $60 million.
After confirming that it was the major sponsor of ACEx, a brand new membership exchange in the US, HUTN looks strong to raise the mentioned amount issuing cryptocurrencies. This partnership will also begin by January next year, and AceX will be issuing its own token.
“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,” said Christopher Daniels, HUTN CEO.
Hutton plans to release their white papers “this autumn” since there aren’t any white papers describing the “use cases” for the tokens yet. But there isn’t any specific information available about the offering.
HUTN shares stay constant at 74 cents in OTC trading
HUTN shares as per Thursday’s report remains constant at 74 cents in over-the-counter (OTC) trading. An average of 61 cent stocks and 3000 shares traded a day in the past year.
A press release citing a research based on subscription was received by Bloomberg and said, “EF Hutton has special insight and experience in the cryptocurrency market.”
In order to help companies engage in Initial Coin Offerings (ICOs) to the price of $290 million, HUTN has already hired an advisor.
As reported earlier by BC Focus, nearly half the ICOs raised absolutely no fund while only 40% could reach the $1 million mark. In other words, 893 token sales attracted zero funds while only 793 could make more than 1 million dollars.
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