PressCoin’s ICO which opens today is the largest crowdfunded project for independent news media ever attempted.
And it is needed. Trust in news media is at all time low globally. And democracy is failing because of it.
Over the past 10 years, many solutions have been promoted to solve the news crisis, but all have failed. PressCoin is different than anything tried before. It is the first solution designed to grow organically and virally cure the disease that is killing the global news industry.
PressCoin is issuing a new cryptocurrency (ticker NEWS ) by way of a crowd-sale of shares in a new business venture. The UK-based company that has staff in India, United States, France, and New Zealand at the moment.
“We are building the infrastructure, shared business services, shared crypto/fiat currency services, and reference platforms for an effective, network response to all that is presently going wrong in the news industry,” says PressCoin PLC co-founder Amit Rathore.
Rathore, born in Bangalore India, and now based in San Francisco works in Venture Capital and Crypto-Fintech. He has a background in developing both high-tech media technology cloud software (Quintype), and crypto/fiat banking and trading (CointypeX). Both are companies Rathore co-founded. His previous background is in large-scale Internet e-commerce.
In PressCoin, working with a large group of leading journalists – an enthusiastic and growing group of volunteers, and with the assistance of some corporate-banking friends, he is bringing his Crypto and News worlds together.
The PressCoin Initial Coin Offering (ICO) which begins on Monday December 11th, and runs for four weeks, will join a wave of technology ICOs which started in July this year.
An ICO involves the creation of a new cryptocurrency and selling this on an open market, in a similar way to the listing of a company under an Initial Public Offering (IPO). A feature, or perhaps limitation, of the ICO market is that most require investment to be paid for in existing cryptocurrencies.
The several billion dollars raised by these new technology companies in recent months has played an important part in the massive ramp up in the value of the cryptocurrency economy.
PressCoin is unusual as an ICO in three respects:
- PressCoin is backed by a public limited company, and is issuing stock to back each ICO token. Each NEWS token will map to a share in the company and all eligible token holders will receive dividends;
- PressCoin has completed the necessary legal preparations to enable it to accept direct fiat money investment, as well as investment via cryptocurrencies.Fiat participants will be subject to local jurisdiction restrictions.
- And, thanks to the association – via director and co-founder Rathore – with CointypeX a brand new Swiss-bank backed fiat/crypto exchange, PressCoin will be liquid and tradeable immediately on completion of its CrowdSale.
ICO in progress NOW!
Come participate in the world's largest ICO for News Media. Bonus tokens on offer!