A long running European parking company that started operating in Italy in 1995 and now claims to have 2.5 million yearly customers, has announced they are ICO-ing with the aim of raising $10 million.
They say the funds would help them further expand across Europe beyond the main locations in Italy, Germany, France and other countries. They also say the funds might allow them to incorporate blockchain technology in their many services.
“With GOToken you have a preferential lane at ParkinGO. Dedicated check-in priority in the shuttle from parking to the airport and vice versa; and discounts on services (car wash, luggage wrapping, car valet, transfer of cars between airports),” they say before adding:
“The token will give access to exclusive services with priority, for example, one of the most important is the availability of parking spaces even when the parking results full for other customers.”
They argue the offering is a utility token and not a security, with the company to use Eidoo’s ICO Engine according to a statement.
Europe, however, has a $10 million exception for crowdfundings in any event, unlike US which caps the exception at only $1 million.
Fabrizio Perra from GOToken says the company had a turnover of €22 million in 2017. In regards to profits, Perra was unwilling to disclose an exact number but said that there was “with any doubt a profit.”
One interesting aspect about this project, besides being only one of very few established companies to go the ICO route rather than Venture Capital (VC), is their plan to use a private chain as a second layer of sorts.
“An address on public blockchain (ETHEREUM) has to be provided by each protagonist. An address on private blockchain (GOTnet) will be assigned to each player. All incentives and rewards processes are registered on the private, in-house developed, blockchain (GOTnet)…
Each player can request the payout from the private GOTnet on its public address only when the transaction value reaches 50 GOTokens,” they say.
Explaining this choice of a public-private hybrid, they say the use of the private blockchain is more economical as they would not have to pay transaction fees or lack capacity, while on the other hand benefiting from the public blockchain when customers reach a certain amount of tokens.
Plasma plans to allow that same sort of service the private chain provides here, but while running on top of ethereum, so constantly benefiting from its security and trustless aspect. However, Plasma is not yet out.
So making the private-public hybrid an interesting temporary solution, but as far as the project itself is concerned it is difficult to say whether they are worth $10 million while lacking profit figures.
It does however show that ICOs are still very much a thing and in some ways are maturing, with the public funding method continuing to attract interest.
Article updated to include revenue figures.