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Recently distributed public documents imply that one of the co-founders of LinkedIn is raising as much as $20 million in a Simple Agreement for Future Tokens (SAFT) deal.
Eric Ly – LinkedIn’s first CTO and one of its founders – is raising assets for the Hub Token, which is tied to an approaching stage called ICOHub, as published on June 1 by The Form D. ICOHub was launched in April, as Announced by VentureBeat, with the objective of making a stage for more respectable token deals – a vital exertion given the pervasiveness of ICO fraud in the environment today.
As of the Form D filing, the Hub Token SAFT sale has produced $13,588,722 out of an aggregate $20 million being offered. Twenty investors participated in the sale, as indicated by figures incorporated into the filing.
As indicated by the project’s white paper, the token is intended to work as a motivating force for building trust among network participants. Ly told VentureBeat back in April that the stage all in all is gone for building a more irrefutable source of information on token projects and the groups behind them.
Ly told the publication that,“The reputation of an entity might come from individuals but also past business dealings the entity has had, such as past financings, partnerships, and customers, that would increase their trust score. ICOHub will rely on a ‘web of trust’ from multiple data sources to determine trust scores,”
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