Halifax-based BlockCrushr is a skunkworks for blockchain. Established two years ago, it aims to produce various projects and companies based on blockchain, the technology that underpins bitcoin and other cryptocurrencies. It’s gaining traction with TokenClub, which is a subscription service for initial coin offerings, or ICOs.
“We’re absolutely thrilled to be joining the Techstars family,” said BlockCrushr Co-Founder and CEO Scott Burke in a statement. “The mentorship and network they offer will be invaluable to us as we grow and scale our offering, and in true Techstars fashion we’ll do our best to give as much back to the network as we gain.”
TokenClub allows subscribers to receive monthly allotments of tokens from leading ICOs, which are offerings of cryptocurrencies mined by companies working with blockchain. TokenClub says its subscription service delivers a curated, vetted selection of eight to 10 top ICO tokens monthly. The company is already gaining clients around the world.
“Unfortunately, I'm not at liberty to disclose customer numbers, but we have notable customers around the world, including top Silicon Valley CEOs, venture capitalists, traders and analysts,” said Burke in an email.
BlockCrushr and TokenClub have been accepted into Techstars Anywhere, a virtual accelerator for companies that are unable to commit to attending in one of its 25 locations. Like all Techstars companies, BlockCrushr is receiving about US$120,000 (C$148,000) in funding. Burke said the company is not raising money now, but noted that a lot of Techstars training prepares companies for fundraising, and Techstars companies go on to raise an average of US$2 million of outside capital after the program.
Meanwhile, BlockCrushr announced the opening of a Wyoming subsidiary to recognize the state’s support of blockchain and cryptocurrencies.
“Wyoming is one of the best places in the U.S. to do business,” said Burke. “Between low startup costs, the most business-friendly tax system in the country, and lawmakers who are focused on supporting and fostering the growth of innovative fintech business and technology, Wyoming just makes sense.”
The company has filed incorporation for BlockCrushr Wyoming, LLC and joined Cheyenne’s co-working space The Second Floor @ The Paramount.
Formed in 2016, BlockCrushr Labs first attracted attention for its project Hypergive, which aimed to use blockchain to improve donations for homeless people. Hypergive would let people make donations, which are then downloaded on to cards that are given to street people. These cards include a QR code and possibly photo identification so they can only be used by the person who received the card. He or she can use the card to purchase goods at retail outlets.
“We're not actively working on Hypergive at the moment but it's inspired other projects around the world and interest continues,” said Burke in the email. “We're looking at potentially bringing on two more co-founders to that project to help move it forward to the next phase.”