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Blockchain Edtech startup — Codemy launches its Initial Exchange Offering on Probit

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Blockchain-based edtech startup Codemy has launched its Initial Exchange Offering (IEO) on 10th June 2019 with a Main sale hardcap of $2 million and a softcap of $0.6 million. Further, the company has chosen South Korean crypto exchange Probit as its IEO launchpad, according to InWara’s market intelligence platform.

During May 2019, IEO projects have raised $17 million on average while ICO projects raised $10 million (source).


Average funds raised by fundraising model

IEO database

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So what’s Codemy? 

Codemy’s educational platform enables students to learn online, using a combination of Blockchain and web technologies. The company’s vision is to democratize education and hopes its platform can help students learn — irrespective of their social, economic or financial backgrounds. 

Codemy’s platform incorporates its in-house crypto token — Codemy coin (CDM) which is built on Ethereum platform in accordance to ERC-20 protocol. The way Codemy’s platform works is simple — the video content is available for free but when it reaches a certain high viewer base, it can be converted to paid. Lecturers and students are incentivized to use Codemy’s platform by rewarding them with CDM for performing certain tasks.


Codemy’s token sale distribution

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A maximum of 5 billion tokens will be available, out of which only 25% will be available during its token sale — akin to 100 million tokens. The remaining token distribution is as follows — 15% is stipulated to be given to platform participants as a reward, 22% to company management, 18% for reserves, 10% for developers and advisors, 5% for marketing and 5% is intended for sponsoring educational initiatives in underdeveloped countries.

As much as 50% of the funds raised through token sale will be spent on Research and Development, 20% on platform operations after the service starts and 15% on marketing. If product development is on schedule Codemy is expected to release its pilot service by as early as Q1 2020.

Codemy’s platform could have a significant impact especially in developing countries where quality education is often out of reach for many. It’s freemium model and token reward program is likely to grab the attention of many students who can’t afford to the traditional educational route.

 

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