Initial coin offerings (ICOs) are essential for nearly every cryptocurrency project. During a cryptocurrency’s ICO phase, the company seeks to raise capital to fund the project. If done correctly, an ICO can set a cryptocurrency project up for success before it’s even officially listed on an exchange. Still, cryptocurrency companies often need assistance to properly manage their ICO — in these situations, hiring an advisor such as Benn Godenzi may be the best thing a company could do to ensure success.
Benn was the director for Outlast Nutrition from 2011-2017, but, more importantly, Benn is a longtime cryptocurrency enthusiast. Benn’s experience with Outlast Nutrition taught him how to market a company in an impactful way, and in 2017 he began to utilize this experience to aid cryptocurrency companies with their initial coin offerings. Benn has been recruited to aid in numerous projects such as QuarkChain and the highly-successful Wanchain. Benn is also credited as the co-founder of the Blockchain Interoperability Alliance, meaning he has impacted the cryptocurrency scene in numerous ways over the last five years.
ICOs are a phase in nearly every cryptocurrency’s life-cycle in which they offer their token, either publicly or privately, at a low price that allows investors to make enormous profits if the project succeeds. ICOs are incredibly similar to initial price offerings (IPOs) that non-crypto companies offer when going public. From an investment perspective, ICOs are often considered highly speculative and risky. Additionally, many ICOs turn out to be scams or not profitable. According to Satis Group LLP, “in July, about 78% of ICOs last year (2017) were scams, about 4% failed, and 3% did not see any activity after the fundraising stage.”
Because of the potentially nefarious nature of many ICOS, it’s crucial for advisors like Benn Godenzi to only associate with reputable companies and cryptocurrency projects with promising use cases.
- Origo Network – The Origo Network ICO may be one of Benn’s most successful ICOs, as he assisted the project in raising a staggering $30,000,000. Origo Network is a cryptocurrency project that uses smart contracts to enhance privacy for blockchain transactions. This ICO was a two-phase offering where $27,000,000 was raised during the pre-sale phase and an additional $3,000,000 was raised during the crowd-sale phase.
- CryptoCurve – The CryptoCurve ICO raised $7,440,000 with Benn’s assistance. The CryptoCurve project, as the name suggests, is a project that aims to positively affect cryptocurrency’s learning curve.
- EdenChain – The EdenChain project allows users to create cryptocurrency tokens representing real-world assets such as energy, reputation, credit card points, and nearly anything else you can imagine. With Benn’s assistance, Edenchain raised an impressive $24,000,000 during their two-phase ICO.