Two months after the tiny Mediterranean island of Malta ratified a legal blockchain framework, its government announced that a blockchain fundraising platform based on Ethereum Neufund is joining its efforts to further transform the nation’s economy.
Neufund is a Berlin based blockchain equity fundraising platform that was founded in 2016 by Zoe Adamovicz and Marcin Rudolf. Neufund enables companies to raise money on the blockchain by issuing tokens like shares of stock.
Neufund Chief Executive Officer Zoe Adamovicz sated that when the company saw the strategy of the Maltese government in blockchain sector, it wanted to be part of Malta’s rapidly growing ecosystem.
“We are impressed by the work done so far by the Maltese government and its pro-new technology stance. Malta should serve as a model for other countries and regulators. We are excited to contribute in building strong and stable blockchain ecosystem on Malta”, said Adamovicz.
The platform operates on the Ethereum blockchain – the second largest cryptocurrency by market capitalisation, after bitcoin – with users earning Neufund tokens in exchange for making use of the platform.
The concept behind the company is to combine the benefits of traditional venture capital fundraising rounds with the transparency of blockchain technology.
Although this Berlin startup is blockchain-based, its business model targets traditional, non-blockchain businesses which are seeking to raise funds.
Malta has worked hard and fast on revamping its legal framework in an effort to attract blockchain-based industries in recent months, with the Prime Minister stating he wanted the country to become “the blockchain island.”
One of the largest cryptocurrency exchanges from Hong Kong – Binance, which said last month that it would be setting up a Malta office, has been the biggest coup to date.
The MFSA, a financial regulatory agency of Malta is currently in the process of sounding out stakeholders in the sector, as Malta prepares to set up legislation regulating virtual currencies and initial coin offerings.