StormX, a blockchain, adtech, and micro-task company, has raised approximately $16.5 million from accredited investors in a private pre-sale of its ERC-20 token, STORM token.

Several members of StormX’s Board of Advisors, which includes Jaxx Founder and CEO Anthony Di Iorio, Bancor Co-Founder Guy Benartzi, AlphaBit.fund CEO Liam Robertson and Fund Strategist Brad Mills, VOIP pioneer and Vonage Founder and CEO Jeff Pulver, Blockchain Partners Korea, Alchemist Ventures and Ethereum Chief Strategist Steven Nerayoff Esq. LL.M., Brian Kelly Capital LLC Founder and CNBC contributor Brian Kelly, and CIO and Managing Partner of BlockTower Capital Ari Paul, were among the participants of the pre-sale.

“StormX is extremely grateful for our strong community base, whose ongoing support provides a solid foundation for developing our innovative micro-task platform. We are excited to build on the momentum of our presale round and welcome as many individuals to our ecosystem as possible,” StormX CEO Simon Yu said. “We are confident that our exceptional team of blockchain, adtech, and mobile industry experts, coupled with our distinctive and comprehensive vision for a decentralized, transparent, and fair job marketplace, will grow Storm Market and its community into a truly disruptive force in the adtech and micro-task space.”

STORM tokens will be required to be used within StormX’s gamified micro-task marketplace called Storm Market. They will be available for use in the STORM Market through the public STORM token sale, starting on or around October 20, 2017. Approximately 3.2 billion STORM tokens will be available for sale, or roughly $35,000,000 in token value. StormX announced that it has sold part of the balance of the 6.5 billion tokens available for purchase in the limited private pre-sale.

According to the official release, a fixed amount of 10 billion STORM tokens will be created, with any unsold tokens being redistributed into the company pool. 65% of the tokens will be sold for use in Storm Market, 25% will be retained by StormX, Inc, and 10% will be used as rewards and incentives to promote adoption of the ecosystem.

“The goal of our token sale structure is to allow as many individuals as possible to join the Storm community. StormX will endeavour to create the largest possible community of engaged members who will benefit from the unique opportunities Storm Market has to offer, and at the same time, drive growth for the future development of the platform,” said Simon Yu.

Users interested in purchasing STORM tokens for use in the Storm Market must pre-register and provide KYC details in order to participate in the token sale. Public registration will open October 10.

"Alchemist Ventures is proud to have incubated the overall Storm project, providing the design of the STORM token sale structure and operating its highly successful, limited private presale round. We have been humbled by the overwhelming demand to participate coming from the ever-growing Storm community. With an exceptionally strong team led by Simon Yu, and one of the strongest advisory boards in the industry, we are confident in the future success and sustainability of the ecosystem,” Steven Nerayoff Esq. LL.M., Alchemist Ventures Founder and architect of the Ethereum token sale, said.

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