Sponsy, a Blockchain-enabled decentralized platform that never launched its Initial Coin Offering (ICO), is trying to sell the project on eBay for USD 60,000. The startup, which is described as a Blockchain project, is fully prepared to launch both ICO and Security Token Offerings (STO).
According to the report, the offering’s author claimed that the project was audited by an investment firm and approved by investment bankers. Moreover, the advertisement showed that the solutions developed by Sponsy comply with the European Union and the United States regulations. The project, additionally, states to have a solid social presence, with more than 10,000 likes on Facebook and 8,000 subscribers on Twitter, as the report noted. The company also cited that it is listed by famous ICO trackers such as ICOBench. However, the latter ranks it 2.9, without analyzing the projects by experts. Recently, the founder of Sponsy, Ivan Komar stated that the company missed the ICO hype of 2017, and no one became interested in its tokens later in 2019. Komar added that his lawyer recommended developing the product first instead of launching an ICO, a decision that the entrepreneur now regrets.
Komar explained that we would not have tried to build a product first; we would have tried to run a token sale as soon as possible, to jump into this crypto craze bandwagon, and raise as much money as possible before building any product. And that’s exactly what others were doing. Moreover, Komar believes that the project can be successfully sold, mainly owing to the fact that the crypto part can be easily removed from it. He also said that institutional approval is quite a strong statement.