VAIOT, an AI project based on blockchain tech, has completed its public token offering in Malta. The sale was the first ever to be conducted under the regulation of the Malta Virtual Financial Assets Act (VFFA).
As per the report, the token sale was made in collaboration with DAO Maker using the Refundable Strong Holder Offering (rSHO) model.
The event makes VAIOT the first crypto-related enterprise to conduct a public sale with the full approval of Maltese authorities. During the public offering of VAI tokens that kicked off on Feb 8, VAIOT issued 2.5M tokens and raised a total of €250,000.
VAIOT chief executive officer Christoph Surgowt hailed the event as a significant milestone for his AI-based startup that would enable it to open up to the broader public.
A Watershed Moment For Crypto Regulation
The just-concluded regulated token sale was approved by the Malta Financial Service Authority (MFSA) in Sep 2020. Before that, financial regulators in the European country had rejected all the previous 340 initial crypto license applications it received in 2019.
DAO Maker CEO Christoph Zaknun was excited about VAIOT receiving the green light to conduct the first ever public token sale in Malta, describing the nation as a leader in the EU zone when it comes to the regulation for digital assets.
“VAIOT was the first-regulated token sale to host an rSHO on the DAO Maker platform. This is a major milestone from a regulatory perspective,” Zaknun added.
The registration of the project with the Malta Financial Services Authority (MFSA) in 2020 laid the groundwork for the successful completion of the recent VAI token offering. That authorization from the government offered potential investors in the project some much-needed security and peace of mind.
It is, therefore, no surprise that the VAI public listing was a big hit with investors, as highlighted by the oversubscription of over 10,000 folks; investors staked €78.7M on-chain wealth to get an allocation.
The native digital token of the VAIOT platform was listed on Uniswap on Feb 15 following the completion of the public rounds. More listings are expected in the coming weeks.
Project incubator DAO Maker played a vital role in facilitating the public sale of the VAI Tokens. The VAIOT project tapped into the rSHO, a fundraising model developed by DAO Maker.
This public sale framework relies on user activity data sets, chain analysis, and several other assessment parameters to determine which allocation applicants are the best suited for a particular startup.
VAIOT Project Is Making Big Strides
VAIOT made headlines last year after becoming the first digital services company to register its whitepaper with the Maltese regulators under the VFFA Act.
The platform has since made big strides in combining the functionalities of a blockchain programmer and AI assistant via an intertwined chain and user-friendly interface.