The e-commerce startup Ziftr has officially closed the pre-sales of its own altcoin, ziftrcoin, raising over $850,000 in less than two months. The company states that the decision is intended to benefit the merchants and the customers by creating an alternative digital currency for use.
The ZiftrCoin project started on 9th December ’14 has formally ended its sale on 23rd January ’15 after having sold 4.1 million ziftrcoins. The company has promised its customers to bring back ziftrcoins later.
Founded in 2008, Ziftr is an US based startup that offers e-commerce solutions like browser, add-on and mobile app. ZiftrCoin is an innovative digital altcoin designed for shoppers.
In late 2015, Ziftr is expected to give away 300 millions ziftrcoins. The idea behind the donations is that the company wants the consumers to have a better understanding of the cryptocurrency. Also, when spent in Ziftr’s vendor network, each ziftrcoin can be redeemed for a minimum value of $1, functioning similar to the coupon.
Apart from the above, project funds would now be used to fund the creation of merchants in the Ziftr ecosystem, including a merchant API – Ziftrpay, a dedicated digital wallet – Ziftrwallet and an online marketplace for the altcoin – Ziftrshop.
In the interview to CoinDesk, CEO Bob Wilkins promised more announcements of the project very soon and thanked everyone who were part of it. He also stated that the pre-sale was brought to close as he wanted to stay true to his word of previously shared dates with the bitcoin community.
Although significant, the final total indicates enthusiasm for the project may have tapered off moving towards the end of the crowdsale. Ziftr raised $600,000 by 23rd December, $150,000 of which was invested by the 10x Venture Partners. This suggests just $278,000 was raised over the final four weeks of sale.
He wrapped the interview by saying that the company will continue development of tools and applications designed integrate with cryptocurrency and developing key partnerships with point of sale vendors, cryptocurrency exchanges and other companies in the financial space.