New-found Start up Raises $180 Million; Approached The SEC

By Kapil Gauhar

As per public records, a new-found start-up in Estonia is looking to raise $180 million through a SAFT sale.

According to a Notice of Exempt Offering of Securities, which was published through US Securities and Exchange Commission’s EDGAR Document system on June 4^th, it has been revealed that an Estonian firm named NewTech Myning OU is effectively selling promises of distribution of token in future, to raise funds. It must be noted that the SAFT model has been used by a number of blockchain start-ups to raise funds.

As per the notice, the company is offering “ Sale and issuance of rights to receive GoWeb tokens in the future via a simple agreement for Future Tokens.” But as of now, there is hardly any information available about the company and its proposed tokens. As per the Business Registry information, that has been published online, NewTech Myning was established in the month of March itself.

If NewTech Myning is able to raise the desired amount of $180 million, it would indeed be one of the biggest token sales to date. The current record is held by Telegram, that managed a haul of $1.8 billion.

As the Estonian Government has been linked to a national crypto-currency project, this news does not come as a surprise. But as per a report published by Bloomberg, due to pushback from EU regulators, that initiative has been scaled down considerably.