Melbourne-based blockchain development startup HCash has raised 53 million Australian dollars in its initial coin offering – the largest ICO to date in Australia, Cryptocoins News reported.
The startup raised 21,000 Bitcoins (TIKER: BTC.EXANTE) in a round between June 28 and July 15. Using Bitcoin’s value on the date of closing the ICO, HCash raised a fiat equivalent of $52.89 million.
HCash CEO Dallas Brooks said: “HCash is the first Australian blockchain which aims to link the current mainstream blockchains, such as Bitcoin and Ethereum, with the next generation of blockchain technology. We expect HCash to mark the beginning of a new era of blockchain technology where isolated blockchains can communicate and recognize each other.”
HCash’s ICO follows that of Perth-based Power Ledger, the developer of solar peer-to-peer energy marketplace that raised over 34 million Australian dollars in a recently concluded coin offering.
The success of these fundraisings has spurred the Australian Securities & Investment Commission (ASIC) to issue guidelines for businesses and startups seeking to gain finance through ICOs.