CryptoSolarTech Returning Funds
If there’s anything that makes me happy, it’s seeing there are still honest companies around.
CryptoSolarTech, a Spanish cryptocurrency mining startup will return raised from its initial coin offering (ICO) totaling $68 million. A screenshot of an official letter sent to investors was posted on Twitter Wednesday, Feb. 20 by Sergio Carrasco, a Spanish IT lawyer. CryptoSolarTech aimed to build a crypto mining facility completely powered by solar energy in Southern Spain, however, due to unforeseen circumstances they failed to get a building permit. If a situation was to happen, the founders of the project promised to return funds to investors within 60 days. Note, the startup claimed that it is not responsible for any token purchased after February 19th.
Last June, CryptoSolarTech launched an ICO in order to fund their plans. The project raised around $68 million during the summer of 2018. Their minimum investment goal was 900,000 euros which they went above and beyond, over 6,500%. Unfortunately, like many altcoins we come across, the token became drastically undervalued. It was even listed as one of the top 10 losers by a crypto analytics firm back in September 2018. It wasn’t until October that CryptoSolarTech partnered up with Risen Energy it help develop 300 megawatts of photovoltaic power capacity, in addition to taking on the engineering and construction portion of the project.
I can honestly say that this company tried. My only question is, how come they couldn’t get a permit somewhere else? I’m sure their investors would have understood the relocation. Or is this because of the bear market…? Who knows?