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A Failed ICO Has Ended Up On eBay
- Sponsy, a decentralized platform that allows sponsors and sponsees to conduct sponsorship deals, was expecting to raise millions of dollars in late 2017, even though it didn’t have a product.
- The founder told the Financial Times that it was the norm for a company to raise tens of millions of dollars without a real product during the Great Crypto Bubble of 2017-2018.
- However, the company’s lawyer advised Ivan Komar, the founder of the platform, not to ICO before a real product was built.
- Because our lawyer basically told us that we should not launch any ICO before we built a real product that might have some users.
- Komar acknowledged that the lawyer’s advice was probably the right advice from the customer’s — or token-buyers — point of view, but not from the point of view of raising money.
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