Centive to refund ICO funds

Centive decides to refund ICO funds for failing to reach softcap of US$14 million

Singapore: Today, Centive announces that it will refund with immediate effect the funds raised through its Initial Coin Offering (ICO) which just ended. Citing that it was the right thing to do, it also added that that the plans for Centive was elaborate and need more money to take off the ground if the roadmap is to be fulfilled at industry standards. “While the funds we have raised so far was quite a tidy sum considering the market downturn, taking the money did not cross our minds because it would mean we will not reach our roadmap targets and keeping to our promises to our investors,” added Benjamin Ryu, COO of Centive.

Centive had raised funds through its website, and private investors but had failed to hit the softcap of US$14 million. Moving forward, it had announced its plans to still go ahead with exchange listing, but it apologizes to loyal supporters for failing to roll out as per the original roadmap. It now plans to work on its platform – Coinsauce.com; which it believes can be financially sound. In addition, Coinsauce.com is said to be working on integrating Centive’s native token, the XTV in the future.