Gecko gets its crypto groove on with ICO compliance tool and looming ICO.
The promise of blockchain has been undermined and the shine taken from cryptocurrencies by questionable initial coin offerings (ICOs) and highly publicised spates of crypto-jacking and coin fraud.
But now, a new tool from Irish start-up Gecko Governance could bring them back to the fold in terms of the accountability and the transparency that blockchain is meant to be all about.
‘The current lack of governance standards within the ICO market is a barrier to the continued growth of the global blockchain ecosystem’
– SHANE BRETT
Gecko has developed a new platform called Gecko Crypto1, which will address the issues of accountability and transparency within the ICO market by allowing companies to manage ICO projects before, during and after the capital raising period.
Not only will this ensure continuous compliance with national and international regulation, it will also allow ICOs to be better vetted by investors while providing an independent audit trail for regulators.
Gecko plots its own ICO
Gecko – a previous Siliconrepublic.com Start-up of the Week that is backed by Cosimo Ventures and counts Grant Thornton among its clients – is also planning to embark on its own ICO in the coming months.
“2017 saw over $6.8bn raised through token sales, showcasing an incredible potential to finance ambitious products and start-ups,” said Gecko co-founder and CEO Shane Brett.
“However, the current lack of governance standards within the ICO market is a barrier to the continued growth of the global blockchain ecosystem and may even become a point of failure.
“Gecko aims to bring transparency, accountability and reliability to the ICO market, facilitating its maturation into a scalable and secure industry in which to do business,” Brett added.
The Gecko Crypto1 platform recently received approval from the Isle of Man Financial Services Authority for use by companies and organisations conducting token sales.
“This is a wonderful moment for Gecko as we move in a new direction, bringing the same level of accountability and transparency to the ICO market as we have been providing to the funds compliance industry for years,” Brett continued.
“Our ICO will not only allow us to effectively scale our platform to address the requirements of the global blockchain ecosystem, but gives us the opportunity to showcase the best practices which Gecko will bring to the fore in the international token market.”