After a token sale on CoinList failed to reach its target, data marketplace Ocean is trying again on crypto exchange Bittrex International.
Ocean Protocol has a vision to become the ecosystem for “a new data economy,” its founder Bruce Pon told CoinDesk. With the release of Ocean’s version 1.0 beta network earlier in April, its tokens are ready to be used on the platform, but the company has not quite met its fundraising goal.
Through its initial exchange offering (IEO), Ocean aims to raise $6.77 million in bitcoin, following a previous round of over $24 million from Outlier Ventures, Block Asset, Fabric Ventures and Digital Currency Group, according to its listing on CoinList.
With its prior 2019 token sales via the Coinlist and Fractal platforms, the firm ultimately raised a total of just $1.8 million, according to a March blog post. If it succeeds with its IEO, it will meet its original goal announced in February for the CoinList sale.
“We had seen that an IEO was a good way to have more awareness and a broader distribution,” Pon said, while also granting they still needed to close that budget gap.
Its listing partner, Bittrex, has been caught up in a recent dispute with the New York Department of Financial Services over its decision not to grant the company a bitlicense. However, its presence in New York is not relevant to Ocean’s present efforts.
Reflecting on its disappointing token sale, Pon said the U.S. is not “the best environment” for this kind of fundraising right now, admitting:
“We misjudged. We went toward a highly regulated jurisdiction.