Striking out in New Directions — Financing via ICO

The rollout and development of Cultural Places will be financed via an Initial Coin Offering. This opens new opportunities and makes Oroundo an Austrian pioneer.

Disrupting a traditional and very conservative sector, thinking, creating and developing a new world for the cultural sector needs new, fresh and bold ideas and an innovative state-of-the-art financing model. That’s why Oroundo, the creators of Cultural Places decided to do one of Austria’s first ICOs.

“We know, that this is new territory for many people, institutions and investors but we believe that an ICO is the perfect fit for our holistic platform, that will disrupt the cultural sector”, explains Patrick Tomlitsch their decision.

The acronym ICO is standing for Initial Coin Offering. It is a crowd funding process via the use of crypto currency. The crypo currencies can be exchanged to classic currencies like EUR or USD or other crypto currencies (e.g. Bitcoins). The ICO will be placed under Austrian law — Making Oroundo a pioneer, because there haven’t been a lot of ICOs in Austria so far.

Oroundo will issue an own crypto currency called Cultural Coin in the ICO process. This process has 3 phases: First the private sale which is exclusively for strategic investors, who support the vision. Followed by the Pre-ICO when public token will be sold with special discount and then, the final phase: the ICO: public token sale. Geben schon die Daten bekannt? Dann kann sie hier einfügen!

The ICO will raise a certain amount of money. The issued tokens (Cultural Coins) will then be available for active usage (buy tickets, funding) and trading on the market (exchanges). It’s simply the currency of the Cultural Places’ Universe.