Moshe Hogeg is considered to be a controversial blockchain entrepreneur. The Israeli businessman owns a media venture, BlockTV, which reported that it is planning to get $6 million through an initial coin offering (ICO).
Alignment Media, BlockTV’s owner, is part of the Alignment Group that is entirely owned by Hogeg’s venture capital fund Singulariteam. Official reports affirm that Alignment Media will manage the ICO.
BlockTV aims to offload 20% of its cumulative 3 billion BLTV tokens as part of this offering. The tokens are built on Ethereum’s ERC-20 standard. As per the report released on November 10, the asking price for the ICO is fixed at$0.01 per unit.
The BlockTV website published that these tokens will be listed on crypto exchange Bittrex Global on November 21. The 80% of the BLTV tokens that will remain will be locked for 12 months. Thus, no trading will be possible in them during the locking period.
BlockTV plans to spend on its website’s requirements with the ICO funding. Also, the company aims to use the funds to expand its coverage beyond cryptocurrency and blockchain. The new coverage will feature a wide range of technology industries and it will also launch studios in Asia and New York in 2020.
This is not the first time that Hogeg has held an ICO. His previous ventures, blockchain smartphone startup Sirin Labs and blockchain prediction market platform Stox, have held ICOs before. However, they have both seen their tokens lose over 99% of their peak value. Hogeg is also currently facing several lawsuits. All these occurrences may prove to be determinant factors of how successful the ICO will be.
BlockTV management states that millions of dollars have already been invested in founding and operating the website. The source added:
“We see great potential in the company’s growth, which is also where the ICO potential comes from.”