$2.5M or $20M? Inside Intodotspace’s Controversial ICO Raise

Intodotspace defends its $20M ICO raise, saying the $2.5M target was a soft cap and extra funds support long-term growth.

Intodotspace, a leveraged prediction market platform, has come under scrutiny after raising $20 million in its ICO.

Originally, the team set a target of $2.5 million but ended up exceeding that amount by a large margin.

The team clarified that the higher amount was not an issue and defended the decision to retain additional funds. They argued that the raised funds would be essential for building a long-term infrastructure.

ICO Exceeds Initial Target Amid Strong Demand

Intodotspace’s ICO was launched with a soft cap of $2.5 million. However, the final amount raised reached $20 million, far above the initial target.

The team explained that the $2.5 million was not a strict cap but rather the minimum needed for development. They added that the extra funds were necessary due to the high demand for the project.

The ICO’s success was driven by significant investor interest. The team saw this as a positive sign, showing a strong desire for the platform.

Therefore, they decided to accept the higher amount raised, which would help in developing the platform’s infrastructure. The funds will support the long-term buildout of the leveraged prediction market.

Despite surpassing the target, the team emphasized that the raise was a direct response to market demand.

The team will use the funds to accelerate development and expand the project’s capabilities.

Team Defends Fund Usage and Soft Cap Structure

The Intodotspace team defended their decision to raise more than the stated goal. They clarified that the $2.5 million was a soft cap, not a hard cap. The team said that $2.5 million was just the minimum amount required to start the project.

They explained that with higher demand, it was essential to scale the raise accordingly.

They further stated that the additional $13 million will be used for the project’s infrastructure.

This funding is necessary to ensure long-term growth and scalability. Without the extra funds, they said, the project would not be able to meet its multi-year development goals.

The team reassured investors that it would manage the funds transparently. It promised to spend every dollar raised on developing the platform and its features.

Related Reading: Solana Users Set to Receive 1.8B SKR Tokens in New Airdrop Event

Investor Concerns Over Transparency and Communication

Even with the team’s explanation, some investors expressed concerns about the handling of the funds.

They questioned the clarity of the soft cap and the communication surrounding the ICO.

Some felt the team could have been more transparent about the possibility of raising beyond the initial target.

Intodotspace responded by explaining that the raise exceeded expectations due to high market demand.

They argued that such increases in ICO funding are not unusual in the crypto space. However, investors are still cautious and seek more details about the fund allocation.

Moving forward, clear communication will be crucial for the project’s success. Investors expect the team to be transparent about how the raised funds will be used.

Properly managing and communicating this will help maintain trust and ensure continued support from the community.

The post $2.5M or $20M? Inside Intodotspace’s Controversial ICO Raise appeared first on Live Bitcoin News.