A crowdfunding platform Cofound.it from the ICONOMI blockchain project reported on the termination of activities and closure. The aim of the Cofound.it team was to create an alternative venture capital system through crowdfinding, democratization and transparency. However, according to the representatives of the project, the industry is moving in a completely opposite direction.
Cofound.it decided not to wait for the market to turn around and stop the existence of the project by distributing assets among CFI token holders.
In November 2017, representatives of the platform came to the conclusion that the ICO concepts needed serious structural changes, since all the influence was in the hands of early professional investors and firms advertising tokenisels.
Then Cofound.it announced the start of a program in order to give a wide range of people an opportunity to participate in the early stages of funding, but it turned out that “the community at the base of the crowdfunding concept no longer exists.” In February, representatives of the project confirmed their fears and came to the conclusion that the original idea at the heart of ICO is dead.
Despite sharp criticism of the current market, platform representatives acknowledged that a number of projects have already developed prototypes of innovative products, but the existing infrastructure is not yet suitable for launching them. From this point of view, the market recovery will take a long time, they added.