$1500 is all you need to have your ICO project in Russia, research says 21171
Madhurima Roy
Aug 18, 2018 at 10:22 AM

Developing an Initial Coin Offering (ICO) project in Russia can now be done at a minimal pocket pinch of $1,500, while the usual cost shoots up to almost $18,000 in the country. As reported by Bitcoin.com, Ratingratingov.ru conducted a study and concluded that the cost of an ICO project will vary from 100,000 rubles (~$1,500) and 3.3 million rubles (~$50,000).

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The ICO project research

The estimate that has been offered by the Russian rating agency through a study, was done after it got in touch with 60 companies working in projects related to ICO. After collecting data and estimating the price, 15 companies were finalized that cater these services in the regional market. It was also figured that a blockchain developer on an average earns more than $44 on an hourly basis, which as reported is more than the payment of maximum number of employees in the country. The salaried class in Russia on an average earns $660 in a month.

The 60 companies that took part in the research, were judged on the basis of certain parameters like size of the team, excellence, experience that the teams and their members hold, the number of successful projects they conducted, and the total number of years the companies have been operational in the market. Of these 60 companies, the ones that failed to meet the parameters, were excluded from the list of the shortlisted companies.

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Among the shortlisted ones, Smartym Pro, Ruformat, Zerion and Axioma Group are the top ones. While the first two individually have between 30 to 50 employees, the latter two have appointed between 10 and 30 employees. Smartym Pro is there in the market since 2008, Ruformatare has been operating 2012. Zerion and Axioma Group have been functional since 2016 and 2009, respectively.


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