It’s expected that this domestic startup will be worth 60 million dollars, or nearly 400 million kuna, and will be listed on the world’s crypto exchanges.
As Bernard Ivezic/Poslovni Dnevnik writes on the 8th of August, 2018, the largest Croatian Initial Coin Offering (ICO), worth 390 million kuna (60 million dollars), has already done exceptionally well on the path to success, and it hasn’t yet closed the process of collecting capital.
The Croatian startup ”Tolar.io”, often shortened simply to Tolar, has so far collected more than 20,000 Ethereums (Wikipedia: open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality), and, at a price of 406.72 dollars, it has been stated that the value now stands at more than a massive 8.1 million dollars.
That amount was the lower limit or the ”soft cap” initially set by Tolar. If they failed to collect that amount as a minimum, all the funds would have been returned to investors. Tolar hasn’t yet revealed how much they’ve managed to exceed this amount by.
Zoran Djordjević, CEO of Tolar and one of the two managing partners from the Cotrugli Business School, has claimed to be satisfied with the process of collecting capital. “We’ve set up a soft cap of 20,000 Ethereums and at this stage we’re trying to reach a hard cap of 45,000 Ethereums,” said Djordjević, adding that the most emphasis is being placed on the fact that they have created partnerships and managed to obtain contacts that will enable them to become an international technology company.
Tolar is otherwise the very first Croatian ICO and the first domestic startup to go on a global investment roadshow in order to raise its capital.
“The roadshow’s current roadmap is going to plan and it has confirmed that the Asian market is still the leader when it comes to ICO projects,” said Djordjević. In Tokyo, at the presentation of Japanese crypto-investors at the World Blockchain Roadshow, Tolar received the “Future of Blockchain” award. “The award itself is another small indicator that we’re on the right track,” he added.
Now they are preparing for the second part of the tour that begins in Mauritius in just a few days, more specifically on August the 13th. Following Mauritius will be Toronto, Perth, Singapore and Shanghai, to finalise in September in London, Dubai, and Moscow.
“The reason we started the roadshow lies within Tolar’s vision to become a global platform for new ICO projects, as well as a platform that will have concrete implementations in the real and in the state sector, and initial contact with companies and state bodies has already been acheived,” Djordjević noted, before adding that they have developed a technological solution, HashNET, which has retained all the good sides of blockchain technology, and has brought solutions for all of blockchain’s biggest shortcomings, such as transaction speed, scalability, and of course, energy consumption.
Djordjević pointed out that other similar projects have also promised similar things, but they haven’t come to fruition. There is currently a big race for faster transactional networks going on across the world. Bitcoin can deal with up to 7 transactions per second (TPS), Ethereum can cope with 20, VISA can manage up to 56,000, and Tolar’s latest impressive record is a huge 150,000 TPS.
“We decided to go for a different approach and we first developed the Minimal Viable Product – Tolar HashNET, which we publicly demonstrated in Zagreb, which exceeds a speed of 100,000 TPSs,” concluded Djordjević.