According to Bloomberg, American brokerage EF Hutton, together with its parent company HUTN, is going to release cryptocurrency instruments with a special focus on practical applications.
Starting January 2019, the company will begin offering exchange-traded instruments, which are expected to generate $60 million in revenue. Some of these proceeds will be used to pay off debt and cover corporate expenses, and some will be invested in marketing and technology development.
In addition, EF Hutton is the main sponsor of the new ACEx cryptocurrency exchange, which will also launch in January and issue its own tokens.
“We know that ICOs succeed when they present practical opportunities for owners to improve the functioning of peer-to-peer networks. Therefore, we are confident that ICO investors will be happy to become owners of our tokens,” said Christopher Daniels, CEO of HUTN.
Technical documentation providing practical application for each proposed tool will be completed this fall. To support the project, HUTN has already hired an advisor who has experience in supporting ICOs, is well versed in the peculiarities of the cryptocurrency market and will help the company implement its plans efficiently and quickly.
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