Naviaddress aims to raise $35M in ICO for digital addressing platform
Naviaddress, developer of a platform for digital addressing of locations and objects, has announced an upcoming ICO with a target of 30 million euros ($35.3 million). Chaineum, a French "ICO Boutique," is leading this fundraising, according to a press release.
The funds will be used to develop a proposed Naviaddress universal addressing system which aims to solve navigation and delivery problems linked to language barriers and the lack of standardization of postal addresses.
The blockchain-based Naviaddress concept would assign a digital addresses to places and objects — including connected objects and UAV delivery points — regardless of whether they have a formal postal address.
All addresses created by users would be content-rich and customized. Individuals and businesses could to purchase shorter Naviaddress Premium addresses.
The company said that it currently is in talks with a hotel booking platform that could soon add more than 1.4 million properties to its base, and has completed an integration with "the world’s leading online taxi service," which allows Naviaddress users to get to any destination even without postal address, the release said.
To finance its development, Naviaddress plans to issue 1 billion NavCoin utility tokens of which 300 million are reserved for buyers.