Disney Spinoff Dragonchain Holds Off on Yet Another Token Sale

Disney Spinoff Dragonchain Holds Off on Yet Another Token Sale

Blockchain start-up incubator Dragonchain has forced one of its projects, Iagon, to cancel its current ICO without appearing to provide any formal reason for the decision.

Norwegian based Iagon had been looking to develop a one-stop solution for decentralised cloud based services utilising its IAG tokens. At the time of the announcement, Iagon’s pre-sale had already raised $1.3 million in Ethereum from contributors.

Further Details Expected Monday

Whilst the sale has now been officially paused, it is not yet clear if refunds will be made or whether Iagon will be proceeding on a separate platform.

According to a recent Iagon blogpost, a meeting has been scheduled between the ICO and Dragonchain this coming Monday to establish the cause of the cancellation and discuss the process for moving things forward but no further details are available.

Included within Dragonchain’s own lengthy update subsequently published on Wednesday was the news that they themselves “have decided to refocus our efforts on the core platform and marketplace whilst we consider alternatives for the development of the Incubator.”

Dragonchain, a spin-off from its former parent entity Disney, came to market via its own $13.7 million ICO towards the end of 2017 but has had mixed results with the projects it has incubated so far.

One of these, LifeID, cancelled its ICO in January due to guidance handed down from its legal team; and seed investors in another enterprise, Look Lateral Token, have been asking for refunds via its Reddit channel because no public sale has been forthcoming.

It appears Dragonchain are laying the blame for these bottlenecks at the hands of US regulators with a call to action for US residents to write to a “local representative or the Members of the House Financial Services Committee and the Senate Committee on Banking to seek regulation standards and voice your opinion to educate legislators and regulators on the value that Blockchain offers to change lives for the better.”