Blockchain-based proto-gaming supplier FunFair has pulled plans for a second, larger, crypto-currency fundraising event, in part due to a recent pronouncement from the US Securities and Exchange Commission (SEC) that the digital tokens issued in initial coin offerings (ICOs) might be considered as securities.
Led by former PKR founder Jez San, FunFair raised the equivalent of $26m after selling 3.6bn Fun tokens in mid-July through an ICO.
The company had originally planned a second fundraising event later this year by selling a further 11bn tokens that at the current price would have raised upwards of $110m.
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