Blockchain ticketing solutions provider GUTS received more than $2.5m (£1.9m/€2.1m) within the first few hours of the launch of its initial coin offering (ICO).

The Amsterdam-based company said its mission is to create a “worldwide honest ticketing market.”

GUTS is seeking to raise $17.5m from its ICO, which is now approaching tier 1 of the main ICO, which opened on November 15.

GUTS has been selling tickets through the blockchain since 2016, and has since entered into several partnerships. The firm struck a deal with theatre Hekwerk in Holland, as well as enlisting the manager of top DJ Martin Garrix, and Chris Payne from Adele’s booking agency ITB.

With the current deals in place, GUTS is on track to sell more than a million tickets in 2019.

“We were looking for ways to extend the impact of the product and came to the conclusion that building a protocol that is fuelled by our very own token and opening it up for all ticketing companies to use, was the way to go” said chief executive of GUTS, Maarten Bloemers.

“There are a lot of forces that are trying to keep the status quo on secondary ticketing. There is a lot of money being made by people who will go to great lengths to protect their interests. The raised capital of the ICO ensures our independence while accomplishing our mission for a worldwide honest ticketing market.”

Image: Davidstandkiewicz