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.
You May Also Like
Coinbase is recruiting institutional investors
One of the largest cryptocurrency platforms, Coinbase, has decided to strengthen its team in an attempt to legitimize digital assets in the eyes of vigilant regulators and institutional investors. The San Francisco startup said Tuesday it is hiring Jeff Horowitz as its first chief executive officer. Horowitz was a managing director and chief technology officer at Pershing, a subsidiary of BNY Mellon.
Bitmain IPO is just around the corner
Bitcoin Mining Company Bitmain earned more than $1 billion in profit in the first quarter of this year and is planning an IPO of $14 billion.
