Ember Fund, makers of an AI-managed cryptocurrency portfolio app, is seeking to raise up to $1 million through a Securities and Exchange Commission-registered securities sale.
The year-old company revealed their intention in today's filing with the SEC, detailing their sale of "Crowd SAFE" securities that will occur through the end of January 2020 on Republic, an online startup investment platform.
SAFE stands for "Simple agreement for future equity;" it is an investment contract entitling holders to equity if and when Ember Fund is acquired or goes public.
Ember Fund markets itself as an app-based crypto hedge fund equivalent, with an automated AI system re-balancing a portfolio of cryptocurrencies and a minimum buy-in of $300. The non-custodial service means that Ember Fund never actually touches or transmits the crypto - the coins remain on users' phones.
In May, Ember Fund CEO Alex Wang told CoinDesk that the service, that he and two others bootstrapped in 2018, saw nearly $2 million in transactions in April 2019.
The current financial status is unknown because the company's public reporting is until the end of 2018.
The four-person company reported in their filing with the SEC that they had only $2,557.
Ember Fund's reported loss for the year was $24,523.
A transcript of a marketing video included in the SEC filing indicated that Ember Fund will use the capital to expand.
The company did not immediately respond to CoinDesk's requests for comment.
Crypto Hedge Fund Ember Seeks $1 Million in SEC-Registered Equity Sale
Publicado en Nov 1, 2019
by Coindesk | Publicado en Coinage
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