Qlink, who are building a decentralised mobile network, today held their public crowd sale on the NEO platform, distributing 5,400,000 QLC tokens. The total allocation sold out in 6 minutes and raised approximately 10,000 NEO.
Qlink had originally planned to raise a total of USD$15 million, collecting 120,000 NEO during the strategic investor phase and 240,000 NEO in the pre-sale tier. However, with the increase in NEO’s price, Qlink’s position was that raising the 100,000 NEO hard cap allocated to the crowd sale would see them far exceed the intended fundraising target.
Qlink considered cancelling the crowd sale phase altogether, but in the end decided they did not want to exclude investors who wanted to participate but were unable to meet the minimum pre-sale contribution amount. As a compromise, a small crowd sale with a 10,000 NEO cap was held with a maximum individual contribution cap of 15 NEO. Remaining QLC allocated to the token sale will be distributed amongst investors with ratio of NEO to QLC adjusted from 1:400 to 1:520.
QLC tokens will be listed for trading on Kucoin on December 29th, with NEO and ETH trading pairs.
Note: For transparency, Dean Patrick, the author of this article has done contract content writing and editing work for Qlink. He had not received any QLC tokens in exchange for services, did not participate in Qlink’s token sale, nor has Qlink paid for, or granted any special coverage on NEONewsToday.com.