Identity management company Sphre raised over $5 million in its month-long XID token sale to bring identity management and monetization to the blockchain. The token sale, which began June 1, 2017 and concluded June 30, 2017 raised 2,059 BTC from 1,090 participants.
The project’s token ‘$XID’ was than listed on the cryptocurrency exchange, Liqui.io. “We look for projects capable of real disruption and Sphre showed mass potential with it’s AIR application,” said a Liqui representative.
Sphre also announced it has appointed a CEO, Richard Mannell, to oversee governance and development of the AIR Platform and consumer application.
“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.”
The AIR Platform is described as a secure, lightweight system for digital identity and individual microeconomic engagement based on blockchain infrastructure. 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.
Sphre was originally aiming to raise just $1.5 million to build the Air consumer product and introduce it to the market.