Crypto mining pool ViaBTC recorded the first major ICO via Wormhole and Bitcoin Cash blockchain this Monday.
According to the news reports, the company offered ViaBTC Token (VIAT) and managed to get $30 million just in about 2 hours after the launch of the ICO. The total offer amounted to 2 billion of coins, with 750 million being already allocated during the offering round.
The company whitepaper reads:
"ViaBTC Token (VIAT) is an official value-added services and privileges scheme based on ViaBTC mining ecosystem. The token is issued on Wormhole protocol and the total VIAT supply is fixed at 2 billion."
The company noted that the new asset will open access to extra services, in particular as a benefit-token, a "gas" or a way to transfer the asset value. The users can use the token for additional discounts for mining fees as well as exclusive client support. Moreover, as the company pointed out, mining accessories, gifts or boosting services can be booked for VIATs.
"We will add more application and privileges to it so that its holders can participate in the planning of Viabtc operations, building and improving Viabtc ecosystem together with the Viabtc team," stated pool spokesperson.
In addition, the token is said to be released via so-called duo mining model, which means that miners may receive VIATs along with mining pool rewards. Notably, the release will be made in four stages.
The released document also says that the company plans to buy and burn with "20% of its quarterly revenue at the end of each quarter and VIAT holders are entitled with various privileges on ViaBTC."