Recorded at the AIBC Summit, Malta. Jane King interviews Richard Ells, the CEO of Electroneum.
AIBC Summit, Malta
We are using the power of blockchain to unlock the global digital economy for millions of people in the developing world. Helping everyone to live life on their own terms, our solution is enabling people to embrace their entrepreneurial spirit and find new ways to enhance their lives.
How our journey began
Our CEO, Richard Ells, started his interest in cryptocurrency back in 2015 and was building GPU mining rigs (‘ugly brutes’ as he refers to them) by 2016. Even back then, when Bitcoin was worth just a mere $500, Richard knew blockchain technology would change the world for the better. When friends and family would visit, they couldn’t understand the complexity of cryptocurrency. Richard wanted to make it easier for people to use so they too could benefit from the transformational nature of blockchain technology.
In August 2015, the basis of what has now become the Electroneum ecosystem started to develop. Richard sought the technical abilities of his team at Retortal, one of Richard’s other companies, to develop their own cryptocurrency. Whilst the design of that initial cryptocurrency was very different to what is seen today, it forged a path that enabled Richard and the team to structure the cryptocurrency to their specific use case.
Throughout the rest of 2015 and 2016, Richard and the team continued to build upon the project. In January 2017, Richard formally raised the initial investment required to launch the cryptocurrency, subsequently forming Electroneum Ltd in July 2017.
In September 2017, Electroneum made ETN exchange tokens available for sale in their Initial Coin Offering (ICO), also known as a token sale. The ETN token sale was a great success closing early after having achieved the maximum Bitcoin and Ethereum targets. The Electroneum ICO is still the record holder for the largest ICO ever to take place by participant numbers (115K+). The value of the Bitcoin and Ethereum that was used to purchase ETN was $40 million USD at the time the sale closed.
The Bitcoin and Ethereum from the ETN purchases are now being used to develop and promote the Electroneum ecosystem, supporting partnerships with MVNOs, MNO, corporates and retailers.