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Blockchain startup Lisk opens financial books to public

Thursday 22 December 2016 | 10:04 AM CET

Lisk, the decentralized blockchain application platform based in Berlin, has opened its financial records to the public in the interest of transparency.

Furthermore, the platform also aims to demonstrate to its thousands of investors its intent to make its project work as the company's founder and CEO, Max Kordek, said the disclosure of its books was made possible after it registered a foundation - the Lisk Foundation - in Zug, Switzerland to further grow and develop its business. The foundation controls approximately USD 10 million in Bitcoins and Lisk tokens, which are the company's own crypto-currency.

“We want to open our books to the public because we are a blockchain company,” said Kordek in an interview with Reuters. Opening the company's books meant that it is making its Bitcoin and Lisk address public.

The company's finances for 2016 will be disclosed before Jan. 1, the company’s CEO said for Reuters. In March 2016, Lisk raised about 14,000 Bitcoins in a novel financing scheme called an “initial coin offering”. Under an ICO, start-ups operating in the blockchain space bypass traditional venture capital financing, generating capital by pre-selling their own crypto-currency even before their projects are developed.

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