Adel — The case of a modest ICO
What happens when instead of going for as much money as soon as possible, a crypto-company takes time to get its legal structure and development in place first, using only a modest amount of first round funding?
The Adel project is an interesting one, the concept is a community based startup incubator for blockchain technologies. While Ethereum ICOs were making headline grabbing amounts of money with no care about the legality of their tokens, Adel was possibly the first, or one of the first ICOs which followed through with ensuring complete regulatory compliance and strong integrity, in every way.
The first ICO went by with over 600 people investing a sum totalling around 1 million euros (exchange rate at the time of the ICO). Over 10 white-papers were available on the Adel website outlining a roadmap and how they would realise their vision. The papers are detailed, don’t offer any false promises, and their time frames are realistic.
Since then they were incorporated in the Isle of Man, co-founder and general manager, Gabriel Dusil has given plenty of speeches at various blockchain conferences. A glance at the members Slack shows that there continues to be progress without over-extending their development resources.
When an unregulated ICO makes $150 million selling ‘tokens’, where will it really go in the long term? This kind of decentralised funding is unheard of in regular angel investment, and for good reason. Adel raised ‘just’ a million euros to start. And this alone might be their greatest strength, and one of its most attractive aspects. The Adel team will have to prove its worth to attract further capital and that can only be done through hard work, execution of their vision, and delivery of real results.
It will be certainly be interesting to see the future of the Adel project, not just from an investment perspective, but also as an incubator.
I will be attending the Blockchain and Bitcoin Conference in Stockholm where I will conduct a short video interview with Gabriel.
As full disclosure, I have invested in Adel’s ICO.