Ember Fund, which manufactures an AI managed cryptocurrency wallet application, seeks to raise up to $ 1 million through a sale of securities registered with the Securities and Exchange Commission.

The one – year company disclosed its intention in today 's filing with the SEC, detailing the sale of the "Crowd SAFE" securities that will run until the end of the month. from January 2020 on Republic, an online investment platform. SAFE means "simple agreement for future equity"; it is an investment contract giving rights to equity if and when the Ember Fund is acquired or becomes public.

Ember Fund stands as an application-based crypto hedge fund equivalent, with an automated AI system rebalancing a cryptocurrency portfolio and a minimum buy-in of $ 300. Non-proprietary service means that the Ember Fund has never actually touched or transmitted the crypto – the coins remain on users' phones.

In May, Ember Fund CEO Alex Wang told CoinDesk that the service, which he and two other people had started in 2018, had traded close to $ 2 million in April 2019.

The current financial situation is unknown because the company's public reports are published until the end of 2018. The four-person company stated in its SEC paper that it had only $ 2,557.00 in cash on December 31, 2018. the year was $ 24,523.00.

The team set the minimum sales target at $ 25,000 and the maximum at $ 1,070,000.

A transcript of a marketing video included in the filing with the SEC indicates that the Ember Fund will use the capital to grow. An anonymous narrator says:

"We have already processed about $ 10 million on the platform without any marketing budget. We are at a point where we are ready to evolve. "

The company did not immediately respond to CoinDesk's requests for comment.

Bitcoin markets the image via Shutterstock


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