Blockchain ticketing solutions provider GUTS has raised more than $5m (£3.7m/€4.2m) in the first phase of its main initial coin offering (ICO).

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

The company began the first phase of its main ICO in mid-November and has collected more than 10,000 ETH, or its current $5m equivalent. GUTS is seeking to raise $17.5m through the sale of about 36.9 million GET tokens before the sale closes on December 14.

The platform is built around the GET protocol that is fuelled by its native GET tokens, which are used to process the event ticketing.

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, the blockchain ticketing firm is on track to sell more than a million tickets in 2019.

GUTS said in a statement: “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.”