Revain, a Moscow, Russia-based blockchain feedback platform, closed its crowd sale raising 2,108 Bitcoins.
Expressed in US dollars, the offering amounted to approximaltely US$8.85m.
The company, which will release further data about the sale event soon, intends to use the funds to increase their marketing efforts, bringing new businesses and users to the platform, continue to conduct R&D activities, to hire new people and to focus on infrastructure and indirect expenses.
Led by CEO Rinat Arslanov (read our interview with him here), Revain is advancing a review platform which leverages blockchain technology to make sure that the feedback the users leave on e-commerce and other online platforms is authentic and enables companies to receive constructive feedback about their goods or services.
The authenticity is reached via an innovative operation method where reviews fragments are processed both by machines and manually being saved into the blockchain to detect all types of unwarranted texts such as spam, flood, abuse, etc. This process guarantees those comments won’t be edited later to provide legitimate and authentic reviews and minimize the risks of fake ones.
The company now plans to release the platform in the fourth quarter of 2017.