Parisian ICO NapoleonX has just surpassed the symbolic $10m USD mark in funds raised, with a little over one week of its main sale remaining.
One of a comparatively small number of French ICOs in operation, NapoleonX’s founders hail from the world of traditional finance and are setting out to create a 100% algorithmic, smart contracts-managed crypto-asset management platform.
The project team is hoping to raise a total of fifteen million euros in order to fund the platform’s development which will initially target a client-base of wealthy investors and small hedge funds in its post-ICO period before expanding to larger retail investors.
It is understood that the project itself has already managed to negotiate a partnership with Bloomberg to integrate its trading strategies with the world’s leading market data platform.
Rare French Bird
The NapoleonX ICO is one of the relatively smaller numbers of projects on the ICO scene hailing from France. French ICOs tend to be rare likely as result of what some perceive to be an unclear tax regime for crypto-currencies which remain the object of subjective interpretation according to some legal analysts.
In October, the AMF (Autorité des marchés financiers, France’s regulator), had announced a new initiative to provide a clearer framework for the ICO fund raising model but, in practical terms, this appears only to have manifested itself as a crackdown on websites seeking to promote suspect cryptocurrency investment schemes.