Ocean, a data marketplace, felt the pinch after missing its Token Sale using CoinList. It is always painful and embarrassing to miss funding targets and it gives a big setback to any project.
Ocean has a vision of becoming the world leader in the data marketplace. However, it requires a significant amount of funds to actualize that dream. It released its Version 1.0 beta network in April this year with big anticipation of succeeding in its quest.
The leaders have opted to change the listing firm and chosen to offer an Initial Exchange Offering (IEO) with Bittrex instead. They target to raise $6.77 million.
Their initial Token sale was only able to raise about $24 million falling short of its target by about $7 million.
There is a lot of hope that the company will meet its target this time round despite the fact that Bittrex is currently involved in a dispute with the Department of Financial Services in NY. The issues in New York do not affect Ocean’s ambitious move.
The founder of Ocean Protocol, Bruce Pon, attributed the poor token sale in the first offering to the poor US crowdfunding market. Though the US market is highly regulated, there lacked investors interested in the project.
With Bittrex, the customer base will widen to capture other regions other than the US.
And better still, Ocean has slashed the price of its token by half to $0.12 down from $0.25.