Listia Lifted $15M With Its XNK ICO. Now It can be Ditching the Token for Props

Listia is discontinuing get the job done on the Ink protocol, a cryptocurrency developed for marketplaces, CoinDesk has figured out.

The challenge was funded with a $15 million token sale for the XNK ERC-20 token, which declared outcomes in January 2018. Listia, a used-merchandise marketplace, is now shifting solely to the props community, produced by Union Square Ventures–backed startup YouNow.

“We are not shutting down anything like the staff, functions or any of the new tech that we have developed, but of course we have made the decision to transfer our applications and tech on major of Props,” Gee Chuang, Listia CEO informed CoinDesk in an email.

XNK’s design “even now has not been capable to satisfy all the issues we set out to obtain,” Chuang wrote. After performing on the engineering thoroughly, the corporation commenced talks with Props PBC about making the change. Chuang informed CoinDesk that Listia finally noticed an advantage in props’ bigger neighborhood and additional state-of-the-art functionality. Moreover, every little thing developed for XNK will get the job done with props, he stated.

“We consider a staking token like Props could be additional successful in empowering our consumers as opposed with a medium of exchange token like XNK, and that the Props set up and scale could be advantageous,” Chuang included.

The XNK token sale was backed by ConsenSys Ventures and Tetras Funds, among others. Listia is a enterprise-backed corporation with buyers like SV Angel, Founders Collective, Basic Catalyst and the Andreessen Horowitz Seed Fund, in accordance to Chuang. XNK was shown on Coinbase Wallet in August 2018.

A person of lots of?

This destinations XNK at the beginning of what may well be an emerging pattern of ICO tasks winding down.

Digix DAO, a tokenized important metals challenge, voted to liquidate its $64 million treasury previously this month.

“All XNK consumers will be capable to change their XNK to Props inside the application as aspect of the integration,” Chuang informed CoinDesk in an email, incorporating that it “really should be fairly seamless for consumers.”

The conversion price will be 114 XNK for one props token. At existing price ranges for XNK, that values props at about $.068 for each token‬. “They are giving us a bunch of props to use,” Chuang stated of his deal with YouNow. 

Listia will also be exchanging the XNK held in its reserve at the same conversion price, employing the pool of props it been given from YouNow. In accordance to the Ink white paper, 66 p.c of tokens from the generation function were being retained by Listia to fund community expansion.

XNK is most actively traded on the Bibox crypto exchange, in accordance to CoinMarketCap, as nicely as Upbit, IDEX and over the Bancor protocol. Props is not but tracked by Messari or CoinMarketCap for the reason that it has not but been shown on exchanges.

There is really very little ETH remaining from the XNK token sale, in USD conditions, in accordance to Chuang. The sale was conducted at the current market peak in late 2017. “We are enormous believers in the whole ecosystem,” Chuang stated. “We have been keeping all the way down,” besides for when it was vital to offer to fund business functions, he stated.

So considerably, XNK has been used on Listia and a further web page the corporation produced identified as Replin. Chuang stated the cryptocurrency was also built-in with a further e-commerce web page, Day-to-day Have.

“Using Props, I think we can know the target of spreading our tech and token usage to additional exterior associates and applications substantially additional rapidly than we have been capable to,” Chuang wrote.

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