Russian Blockchain-Oriented Farm Kolionovo Closes ICO with Over $500,000 Raised

News and Analysis

Kolionovo Ecosystem, a project aimed at creation and a large-scale testing of the model of the local economy and raising funds for the development of real production of agricultural goods and services, announced it successfully concluded its crowdfunding campaign raising $510,533.

The crowdsale was announced back in March and kicked off on April 1st, raising 329 BTC, 1,384 LTC, 1,067 ETH, 13,488 WAVES, 7,474 EMC, and 83 ETC.

“I believe these results are quite satisfying. Over the course of the past month we’ve sold more than a half a million dollars worth of Kolions around the world. It’s not bad at all for the first ever project where a virtual technology of blockchain is integrated in real economy,” said Mikhail Shlyapnikov, the project’s leader.

According to Mr. Shlyapnikov, the farm needed no loan, so the crowdfunding could be considered a full-fledged alternative for a traditional bank loan.

“The time will tell whether those two forms are different. Interestingly enough, this money won’t be spent ‘to survive,’ it will be spent on development, expanding our production, and creating a stable enterprise,” he added.

Mr. Shlyapnikov also assured the investors he will do everything humanly possible so that their efforts would pay.

Mikhail Shlyapnikov

Project development began in 2007 on the basis of the new model of the rural economy, which relied on freedom, mutual aid, self-organization and self-sufficiency, as well as simplified schemes of fair and private cooperation, openness and trust.

Project participants are a number of friendly farms, legal entities engaged in production, consumer society, private subsidiary farms, and individuals. Almost all the participants already have the required production facilities, means of production, machinery, equipment, and land.

The range of products and services is broad enough: from food to complex modules of special equipment for high-tech production. Today’s volumes of local production completely satisfy the needs of the participants of the ecosystem and are also freely implemented in the open market, donated to charitable and social purposes.

Thus, this project is not created from scratch, but has a workable and sustainable local base with its assets, production and profit.

The main purpose of the crowdfunding campaign was to increase the range and volume of production of the farms in the Kolionovo ecosystem that have been operating for at least a decade. Crowdfunding investment in the development of agribusiness is secured by liquid assets; raised funds will allow to at least double the production and sales volumes in a short time.

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