Blockchain startup Iryo canceled ICO due to unfavorable market conditions
Blockchain startup Iryo, which had a successful presale in late March – early April and promised to notify investors about the launch of the main part of the campaign at a later stage, was forced to change its plans. The corresponding statement was published in the project’s blog this Tuesday..
“We believe that market conditions have not experienced significant improvement since our last announcement, while noise levels may have even worsened,” the developers write. “Thus, we decided to cancel our ICO on an indefinite basis.”.
Iryo planned to tackle the creation of a blockchain economy for the healthcare industry, where access to medical records would be provided in a decentralized manner. It was expected that the project’s own token would serve as a tool for participation in a single system that unites patients, research institutions and clinics, and will take advantage of increased privacy and networking..
“Because of the hype, too many things always happen on too tight a timeline,” they add. “While we do not lose faith in decentralization and tokenization, we questioned whether ICOs can serve as a good and lasting form of fundraising. We believe it will take time for the ICO space to clear itself and return to a phase of healthy growth. In the current reality we are not talking about the best ideas, the best teams and the best implementations, but about other things in which we have not succeeded and would not like to succeed “.
At the same time, the developers note that they are not going to abandon their mission of “unlocking the value of data in healthcare”, and plan to take advantage of the “many interesting opportunities” that have opened up for Iryo during this time. “If we do decide to hold an ICO, we will be stronger than ever,” they add.
In addition to canceling the public part of the crowdsale, the developers decided to return the funds that they managed to raise on the presale. The distribution of funds will take place in the coming weeks to the addresses from which they were received. Investors who wish to receive payments to other addresses must contact the project by October 12.
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