The Russian OTT service TVzavr has decided not to hold an Initial Coin Offering (ICO) for its blockbuster platform MovieChain.
According to Kommersant, this is due to the unfavourable situation of the cryptocurrency market and a general decline in investor confidence. It adds that TVzavr had planned to raise at least $5 million in this way but now it will allocate around $3 million of its own funds, from profits, to expand the platform.
Significantly, Kommersant notes that the number of fraudulent crypto companies is growing, with over 80% of those that have received funding with the help of ICOs so far this year having failed to announce their plans or not usied the money for its intended purpose.
TVzavr announced the creation of MovieChain last autumn and, as reported by Broadband TV News>, signed up its first partners for the platform in February this year.
