Saturday 20 January 2018

'Bitcoin' firms to drop EI links in material

Bitcoin (Stock Photo)
Bitcoin (Stock Photo)

Simon Rowe

Enterprise Ireland ordered two fintech firms to remove website information and amend details in an investment prospectus that appeared to suggest the State agency endorsed two separate bitcoin-style funding drives worth €2.5m.

Both firms - Mingocoin and Confideal - had received startup support from Enterprise Ireland (EI).

However, "out of the blue" they were contacted last week by EI officials and ordered to amend or remove promotional material linked to Initial Coin Offerings (ICOs) that may have suggested the ICOs were endorsed by EI.

Cryptocurrency firm MingoCoin - which is chaired by former Baltimore Technologies chief Fran Rooney and cites One Direction star Niall Horan as a shareholder and brand ambassador - aimed to raise €2m in a token pre-sale which ended on October 9. The presale raised over €650,000 in the first hour alone.

A second Irish-based bitcoin startup, Confideal, which already raised about €550,000 in a pre-sale and is preparing to start an ICO on November 2, was also ordered by Enterprise Ireland to remove website material that may have suggested the State agency was a partner.

Sunday Indo Business

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