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Payment App Spot Raising $25M in November ICO

Jacob Wohl

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Virtually every business is being in some way effected by blockchain, whether they know it or not. From shipping and logistics, to agriculture and banking, businesses are finding that using blockchain can allow them to simplify and secure sensitive and complex processes. ICO’s have become the hottest new way for companies to raise capital, and Spot looks poised to be the next company to launch a blockbuster ICO.

Spot Systems, a Toronto-based payment processing start-up headed up by Alex Gillis, the young entrepreneur extraordinaire featured on Lion’s Den, is the first company to utilize blockchain technology to fundamentally shape the way that payments are made between businesses and individuals. Gillis also won Startup Canada’s 2015 “Young Entrepreneur of the Year” Speaking to The Edge Magazine, Gillis Said:

“Liquidity is the lifeblood of any business, especially e-commerce or drop shopping,” Gillis explains. “Having liquidity immediately available is a number one priority.”

 

 

Spot Systems, LTD. is raiding $25M through an ICO (initial coin offering) set to take place in November. The ICO is set to allow spot to bring their payment processing technology to global users.

Spot is poised to take on payment processing giants such as PayPal and Stripe by using blockchain to remove financial intermediaries, dramatically lowering to cost and waiting period that users experience when making and receiving payments.

Spot’s technology allows for users to make payments for just a 1.5% fee, (about 50% lower than the industry standard) and allows payments to happen instantly.

Alex Gillis has stacked the company with technical and industry expertise. The company’s CTO Kshitish Balhotra has worked on several previous ICO’s and has financial sector expertise. The company has also attracted several high profile advisory board members, including William Mougayar, of Virtual Capital Partners and Claudio Rojas of Hurt Capital.

The company plans to raise $25M in its November ICO, and is currently negotiating pre-ICO investments from institutional investors.

 

 

DISCLAIMER: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Jacob Wohl is an adviser to Spot Systems, LTD. Anyone considering it should be prepared to lose their entire investment. This article is not an offer to, or solicitation of, any potential clients or investors for the provision by the site of investment management, advisory or any other related services. No material listed on this website is or should be construed as investment advice, nor is anything on this website an offer to sell, or a solicitation of an offer to buy, any security or other instrument. Links from this website to third-party websites do not imply any endorsement by the third party of this website or of the link; nor do they imply any endorsement by this firm of the third-party website or of the link.

 

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Jacob Wohl is the CEO and Head of Fixed Income and Interest Rates for Montgomery Assets, a proprietary trading and asset management firm based in Los Angeles, CA. Jacob Wohl is the host of the Offended America Podcast

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