Sphre, an identity management company focused on blockchain technology, has raised over $5 million USD in its month-long XID token sale, which ran from June 1, 2017, to June 30, 2017.
According to the official release, the firm raised 2,059 BTC from 1,090 participants. The project’s token ‘$XID’, was immediately listed on digital currency exchange Liqui.io. Sphre aims to bring identity management and monetization to the blockchain.
“We look for projects capable of real disruption and Sphre showed mass potential with its AIR application”, said a Liqui representative.
The AIR Platform is a secure, lightweight system for digital identity and individual microeconomic engagement based on blockchain infrastructure, Sphre explained. Air’s API will allow third-party organizations and enterprises to integrate support for Air into their existing and new systems, while the mobile application secures and maintains each individual’s private key. Users also have the ability to store their key within a digital vault of their choice, such as a bank. The Hyperledger Chaincode (smart contract) forms the basis of the given identity, and contains program logic that will allow an individual to recover their identity if their mobile device is lost.
XID tokens are used within the AIR platform to facilitate identity-based transactions and handle profit-sharing disbursement based on customizable monetization agreements.
Sphre also announced it has appointed a CEO, Richard Mannell, to oversee governance and development of the AIR Platform and consumer application. Mannell brings his strong financial background and experience as a startup founder to lead Sphre’s growth.
“Thanks to the community’s support of the AIR concept during our token sale, we can focus resources on building a product that will revolutionize identity management by leveraging cutting-edge blockchain technology,” said Richard Mannell, CEO of Sphre. “I’m pleased to be involved in this important project, and look forward to executing the plans outlined in our white paper.”
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