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Ethereum-powered online marketplace CryptoMart raised $1.5 million in the first hours of its CMC token sale. CryptoMart wants to address two major problems in the online marketplace space: the ability to pay for products using cryptocurrencies and inflated seller fees.
In a press release sent to Crypto Insider, dated August 26th, CryptoMArt states that more than 12,500,000 of the total 66,000,000 CMC tokens were sold in the first three hours, with an average of $55,000 USD every hour.
“We want to thank the community for its early and enthusiastic support of the CryptoMart concept,” said Ervin Kurtaj, founder and business strategist for CryptoMart. “By participating in this project, backers are helping us build the technology needed to secure users’ digital assets with transparency and decentralization at the forefront. We are also very happy with the numbers of participants. We want to build a community and we currently have over 1,500 contributors. A vibrant community that is engaged with the project is a critical piece of the puzzle.”
CMC is an ERC20 token developed to CryptoMart is a crypto-currency only, user-to-user online marketplace which facilitates the exchange of goods and services online with drastically faster transaction speeds and reduced costs in comparison to conventional exchanges such as Ebay and Amazon.
“In the current online marketplace space, the ability to use a range of currencies for transactions is taken for granted. In the cryptocurrency space, no one has figured out a way to address these issues, much to the detriment of the community,” said Kurtaj in a previous press release sent to Crypto Insider. “Bitcoin and Ethereum have experienced a surge in interest recently, but the elephant in the room is that there’s still a lot to be done before digital assets and tokens are widely accepted, with consumer protection being one of the key challenges. With CryptoMart, we’re taking significant strides to address consumer protection and making cryptocurrencies a new normal for purchasing goods online.”
To bring transparency and openness to the online commerce market, CryptoMart plans to address and solve the challenges of bringing crypto currency payment options to a real-world goods exchange. “Additionally, the CryptoMart platform will enable users to have full custody of their private keys in digital token transactions,” stated the press release. “These features should substantially decrease the risks currently involved in cryptocurrency-fuelled goods exchange markets.”
The CryptoMart token sale extends to the 25th of September or until the 66 million token hard cap is reached.
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