The token sale was made in cooperation with DAO Maker and marked the first time ever that a digital currency company has carried out a public sale with the permission of the Maltese government.
Malta was granted 340 initial crypto license applications in 2019, but none were approved until the Malta Financial Service Authority (MFSA) finally authorized the first regulated public sale of the VAI tokens in September last year.
The Refundable Strong Holder Offering (rSHO) of VAI Tokens, the electronic currency of the VAIOT platform, that launched on Feb. 8 issued 2.5 million tokens and secured a total of 250,000 Euro, a VAIOT media release stated.
“We’re thrilled to conduct our public sale of VAI Tokens with DAO Maker,” VAIOT chief executive officer Christoph Surgowt said in a release. “This is a great milestone for VAIOT and an opportunity to open up the project to the broader public,” he said.
DAO Maker chief executive Christoph Zaknun was inspired, as well. “We’re excited that VAIOT, the first project regulated in Malta, the country leading the EU regulation for cryptocurrencies used the rSHO model as a compliant token sale!” he said.
DAO Maker is an incubator that leverages the power of social mining and predominant exposure to help ventures acquire a community and use the project’s token to convert the community into value-adding and value-assessing members of a DAO, or Decentralized Autonomous Organization, according to DAO Maker’s website.
A Strong Holder Offering (SHO) is a fund-raising service for public rounds that uses chain analysis, proprietary user activity data sets, and a series of evaluation parameters to detect which allocation applicants are the most qualified for a project, explains Medium.com.
The success of VAIOT’s token sale was highlighted by an oversell of 10,000 people who acquired more than $95 million in shares to get allocated in the rSHO. VAIOT’s first public listing of its VAI token was made soon after on Uniswap on Feb. 15.
Image courtesy of VAIOT/YouTube Screenshot
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