After just two and a half weeks into their ICO, the Serenity project managed to reach their target level of funding of $2.5 million and they can now proceed to get their project fully launched.
What’s the next step for the Serenity Project?
As outlined in their whitepaper, the next stage of action will be to create the settlement system whereby it will be ensured that the funds will be secured through the use of smart contracts.
There will then be the development of the arbitration system. Their CEO is Denis Kulagin and he talked about how excited the team was when they learned that the soft cap had been reached. They have now started to hire the relevant personnel that are needed to take this project to the next level and they can now double down their efforts towards making this project a success.
The next step for the token sale is the target of funds raised of $5 million which means that they would be able to begin the development of their own exchange, as well as a KYC system.
What exactly is it that the Serenity Project is hoping to do?
This is a project that is trying to develop a platform for a number of different modules, including the lives of quote verification, escrow, a trading exchange and blockchain transaction recording.
In basic terms, they are focusing on the method of segregated accounts whereby deposits are separated from trading funds as required by the financial regulator in Britain, with this information being put into the blockchain language.
The topic of transactions being recorded is a popular one under new and incoming regulations, especially in the European Union. This means that there needs to be reports available on all types of trades that are executed and until now there has been no way to record them in a reliable or efficient manner.
Their cryptocurrency exchange will also allow investors to quickly start buying cryptocurrencies and not having to wait days and even weeks as is the case with a lot of other popular exchanges.
The had an overall goal of raising about $19 million in order to fully develop their concepts, with the modules set to be launched in different stages, with the exchange launch being aimed for May of 2018.The ICO started on the 25th of January and is set to last until the 7th of March.