Blockchain ticketing solution provider Aventus has postponed its initial coin offering (ICO) just hours before it was due to commence.
The token launch of AventCoin (AVT) was due to go on public sale from today (Wednesday) until July 24.
However, it issued a statement which said, “with great regret”, it was choosing to delay the offering until next month because of recent volatility in the Ether market.
Aventus, which appointed Professor Mike Waterman to its advisory board this week, said it would focus on product development until the ICO.
Aventus said in a statement: “Given the current landscape of ETH price and investor sentiment, the Aventus team has come to the difficult conclusion that we will wait until late August.
“In the past several weeks Ether has lost nearly 70 per cent of its value from it’s high of $400 leading to large sell-offs and causing investors and crypto-enthusiasts alike to take a more cautious approach to ICOs and the cryptocurrency space as a whole.
“Rather than launch our ICO at this stage, we will finance ourselves internally and now focus on product development and closing trial partners prior to launching our token sale. We will continue to update and grow our community as things develop and as the markets recover.”
Aventus has developed a blockchain-based solution – described as “the Bitcoin of the ticketing industry” – which aims to prevent unregulated touting and counterfeit tickets.
London-based Aventus enables secure transfer and resale of tickets with built-in inflation caps that aims to eliminate fraud and ensure that the final user can be identified. The company said this type of technology is of particular importance in light of global terror concerns as it brings an additional security measure for attendees.
It boldly claims that its technology “effectively ends the ability for ticket touters to continue in business”.