ODEM Breaches 100 Million Tokens Sold After Decision to Burn Leftovers
CHIASSO, Switzerland–March 6, 2018–PRNewswire/InfoQuest
ODEM.IO, creator of the world’s first On-Demand Education Marketplace, said it surpassed sales of 100 million ODEM Tokens with less than two weeks remaining in the company’s initial coin offering.
Sales smashed through the 100 million milestone after ODEM announced on March 2 that it would burn any unsold tokens at the end of the sale rather than having any leftovers revert to the company.
“The market has responded very positively to our decision to destroy any unsold tokens,” says Richard Maaghul, ODEM’s chief executive officer. “We’re very excited about the outlook for significant additional sales between now and March 18 when the sale ends.”
Switzerland-based ODEM made the decision in response to requests from its community of investors. The company believes the destruction of any remaining tokens is the fairest way to honor the commitment of early contributors to the ICO by eliminating a potential overhang of tokens.
“Burning of any remaining tokens is really the right thing to do,” says Bill Bayrd, ODEM.IO‘s chief operating officer. “We take seriously our responsibility to act in the best interests of investors and the company.”
ODEM has sold 102.2 million ODEM Tokens out of the total of 238.2 million allocated for the crowdsale. Proceeds from the sale will be used to develop ODEM’s blockchain-based education platform.
The company’s mission is to make education more accessible and affordable by streamlining and automating the organization and presentation of in-person educational programs. By empowering students to own their education, ODEM is also creating a venue for top professors and lecturers to actively market their expertise and personal brands.
Aspiring to be the Airbnb of international education, ODEM is partnering with Cambridge, Massachusetts-based Excelorators Inc. in the design and rollout of the ODEM Platform. Excelorators has existing relationships with more than 200 professors and lecturers who are likely to become early adopters.
ODEM Tokens will act as software license for users of the platform. Within the platform, suppliers of education will be incentivized to join the community through the initial distribution of free tokens.
ODEM.IO, meanwhile, is continuing to process Know-Your-Customer (KYC) registrations for its public crowdsale. All participants must show proof of identity before acquiring tokens. The disclosure reflects guidelines to ensure that all funds raised are legitimate.
KPMG Switzerland is ODEM.IO‘s legal advisor while SICOS (Lux) S.C.S. has provided ODEM with advice and counsel on the crowdsale and its structure.