Digital Marketplace Startup Completes $15 Million Token Sale

A startup aiming to build a decentralized marketplace has raised $15 million in an initial coin offering.

Listia, which is planning to launch its decentralized marketplace next month, drew funding from more than 4,000 people during the sale. Founded in 2009, the startup already operates a more traditional online market but is moving develop new services by utilizing the technology.

The company said that the sale ended in about 12 minutes after it hit the hard-cap of $15 million. Contributors to the sale include ConsenSys Ventures and Tetras Capital, according to CEO Gee Chuang.

The company also announced that it will launch its Ink Protocol on its marketplace on Feb. 28. On the same day, the site’s users will receive Listia's native XNK tokens, which they can use to purchase or sell goods listed on the company’s website. Chuang said the launch will see up to 10 million users receiving XNK tokens.

The Ink Protocol aims to decentralize marketplaces by enabling users to establish their own credibility without fear of having their profile taken down by the website they are selling goods on.

Chuang explained:

"[The] Ink Protocol decentralizes marketplaces by allowing buyers and sellers to control their own reputation, choose any marketplace platform they prefer using, and safely pay for goods and services without relying on any central service provider."

Listia wants to leverage the protocol as a way to allow users to list the same item on multiple marketplaces, with each listing changing as necessary if the item is bought – without requiring the seller to manually edit the listing’s information, as previously reported by CoinDesk.

Marketplace image via Shutterstock