BOSTON & DUNDALK, Ireland--(BUSINESS WIRE)--COSIMO Ventures, a global deep technology venture capital firm, announced that portfolio company GECKO Governance is launching an initial coin offering for investors worldwide, including U.S. accredited investors. GECKO, which created the first RegTech Blockchain solution for financial services institutions, expects to raise $20 million from the ICO, which will be used to expand its governance and compliance platform into the Token Sale market.
COSIMO Ventures is investing in pioneering technologies that are designed to increase the transparency and accountability of digital currency markets, and support the development of regulatory and compliance frameworks. GECKO Governance’s new GECKO Crypto1 solution aims to become the industry standard for Token Sale regulation and compliance, providing investors for the first time with the same levels of transparency, compliance, and accountability at every stage of a Token Sale – a service that GECKO currently provides for traditional investments.
“Investors are demanding transparency and governance for digital currencies in the same way they did for hedge funds and all other investment vehicles that now compose our financial ecosystem,” said Ciaran Hynes, Managing Partner at COSIMO Ventures. “COSIMO has teamed up worldwide with regulators, industry leaders, as well as technology innovators such as the GECKO Governance team to develop new solutions that incorporate best practices and build confidence in these new, innovative and truly global investment vehicles.”
GECKO received a license from regulators in the Isle of Man to launch an ICO through its website, www.GECKOTokenSale.com. The ICO is open to investors worldwide, including accredited investors in the U.S.
GECKO, which ranks 10th on RegTech 100, a list of the most influential RegTech companies worldwide, uses a blockchain-based system to ensure that fund managers and banks using its financial services solution have access to data that is live and can be independently verified and audited. The company plans to extend this to Token Sales, a fast-growing global market that is coming under increasing scrutiny by regulators worldwide.
“In just a few years, growth in Token Sales have accelerated at a surprising rate, with organizations raising $6.8 billion last year alone. We believe that even with this rapid growth there is pent-up demand waiting to be unlocked if the market can demonstrate greater transparency and accountability,” said Shane Brett, Chief Executive Officer and co-Founder of GECKO. “With GECKO Crypto1, we will be able to offer a compliance system that will bring transparency to Token Sales, unlocking the market’s full potential by allowing a new investor base, such as large institutions, the opportunity to participate with confidence.”
Based in Dundalk, Ireland and with offices in New York and Sydney, GECKO won the “Best New Start Company” award at the 2016 “Seedcorn Competition,” Europe’s largest start-up prize. Dan Viola, Partner and head of the Regulatory and Compliance Group at Sadis & Goldberg LLP and former Senior Compliance Examiner for the U.S Securities and Exchange Commission, recently joined the company as an advisor. He serves in that role with Jeff Parker, former Chief Executive Officer of Thomson Financial.
About GECKO Governance
GECKO Governance has developed the world’s first Blockchain solution for financial services regulatory compliance. Founded in 2014, the company has offices in Dundalk, Ireland, New York and Sydney, allowing it to provide oversight of all compliance tasks, as well as an independent audit trail for regulators in real time. Winner of the 2016 Seedcorn Competition, the company also placed 10th among the RegTech 100 in 2017. GECKO Governance is a Founding Member of the International RegTech Association (IRTA) For more information visit www.geckogovernance.com.
About COSIMO Ventures
COSIMO Ventures is an investment firm focused on transforming promising deep technology companies into global industry leaders. With offices in Boston, New York, and Dublin, COSIMO Ventures invests in sectors including blockchain, digital currencies, virtual reality (VR), augmented reality (AR), machine learning, and the Internet of Things (IoT). The company also offers special expertise in working with promising Irish and UK early stage technology companies and supporting their global expansion. More information can be found at www.cosimoventures.com.