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Image source: Revuto
Revuto, the first dApp that will see a release on Cardano’s blockchain, has begun rounds of community sales for its token REVU. This public sale comes after rounding off a successful private token sale led by BlackDragon VC and other investors from the cryptosphere who stepped up to show their support.
1.7M USD was raised during this private sale, which was closed after a week of successful fundraising. Revuto plans to fundraise an additional 5.1M USD in allotted REVU tokens from the current public sales.
Public Token Sales Planned for Rest of May
The public will be able to get its hands on REVU tokens until the end of May in the drive up to Revuto’s launch. The first round of sales, which began on May 18th, has already run its course. This Tier 1 sale for early birds totaled 47,000 unique user registrations of which only 25,300 successfully completed KYC. The Tier 1 round was wrapped up in just half an hour after raising 1.6 million USD.
Of those who made it past the KYC round, more than 4,000 users attempted to invest in REVU tokens during the Cardano network’s first ever token sale. By the sale’s end, 1,934 investors managed to clear their transactions for REVU. Token sales were limited to citizens of Europe due to banking restrictions.
Those who participated in this round will receive a commemorative NFT marking the premier token sale on Cardano’s network. Future rounds are planned for the rest of May, with the Tier 2 Round having begun on May 20 at 8:00 UTC. This round, like the first, will last for 36 hours.
Once this second round has reached its completion, a final round open to the general public will kick off on May 22 at 8:00 UTC. This round will continue until the end of May or until the allotted REVU tokens run out.
Revuto’s YouTube Livestream Q&A
Revuto’s YouTube channel hosted a live event during this funding round. Users could track the sales of REVU as well as see how tokens were allocated and fundraising would be spent. The livestream also gave investors a chance to ask the Revuto team questions about the platform and token sale, and questions came flying in over the course of an hour.
The team explained its reasoning for requiring KYC, stating that since Revuto is seeking to run as a regulated payment option, this was absolutely necessary. Leading the pack as the first dApp to run on Cardano’s ecosystem, Revuto is following best business practices in order to ensure users can form a healthy community into the future.
The team explained that knowing who was investing in the platform was fundamental for securing value for REVU. They also apologized for the problems some users faced with getting past KYC, since KYC was being handled by another party that specialized in verifying users’ information.
Reasons were given for why ADA addresses were needed in order to participate in the sale, and these mostly revolved around returning funds for unsuccessful transactions placed before, during, and after the sales. Tokens sent to Revuto that do not meet or exceed the allowed investment per user will be returned along with tokens sent outside of the sale’s availability.
The Revuto team also confirmed that users will receive their REVU in September following the June release of the app. When Cardano’s smart contracts come fully online, such defi features as staking REVU will be possible for all REVU holders.
Although REVU tokens are currently an instrument for investors wishing to support Revuto and claim tokens at an early price, their utility will revolutionize the way subscribers can pay for services once the dApp goes fully operational.
Revuto will allow users to pay for services they never dreamed they could possibly pay for with cryptocurrency. Monthly subscription models have become wildly popular for businesses these days, and this is how most consumers access their entertainment such as music and movies. Additionally, orders of household goods and even food can be managed by monthly subscription payments made in REVU.
Since REVU will be a Cardano token that can theoretically be swapped for any other token on Cardano’s network, this opens the door to transferring value from any kind of crypto into real world services and products. The implications for such a service are astounding once the crypto and defi community have an easy way to use their money beyond the blockchain.