Global Blockchain Mining Corp (CSE:FORK) (OTCMKTS:GBCHF) has posted details of the previously announced initial exchange offering (IEO), which it is carrying out, for Toronto-based blockchain group MeVu Inc.
MeVu operates a blockchain-based sports betting platform built on Ethereum, using smart contracts to establish and resolve bets.
The IEO will be conducted in four rounds with 55 million MVU being made available.
READ: Global Blockchain Mining set to carry out token offering for MeVu, which has platform for peer-to-peer online betting
The first round is set to begin in the next 30 calendar days, FORK said today. The details are below:
- First round: 7 million MVU at US$0.09 (with a hard cap of US$630,000)
- Second round: 8 million MVU at US$0.10 (Hard cap of US$800,000)
- Third round: 20 million MVU at US$0.11 (Hard cap of US$2.2 million
- Fourth round: 20 million MVU at US$0.12 (Hard cap of US$2.4 million)
As disclosed last week, from previous sale efforts for MVU, MeVu has been able to raise more than US$350,000 for less than 5% of MVU's total supply of 105 million MVU.
"Our strategy with the IEO for MVU is to reach as wide of a range of participants as possible, by having four rounds on four different exchanges," said FORK president and CEO Shidan Gouran.
"As sports betting has become more popular, particularly on non-traditional forms of sport such as esports, we are emphasizing MeVu's novel approach to sports wagering as a primary value proposition for MVU as a crypto asset. We are confident that we will connect with IEO participants globally through our promotional efforts and capitalize on the existing momentum already built by MeVu in the ever-growing ecosystem of sports betting."
A beta version of MeVu's betting platform is currently live, which allows wagers on sports to include hockey, basketball, baseball, MMA, and esports.
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