— The bidders for the first round of $250 million of new equity financing for intermediation companies said Tuesday they hope to break ground in 2019.
In an interview with NBC News, the Bidders Committee for Bancor, the group that represents the major financial institutions that are involved in Bancors platform, said it is expecting to raise $100 million to $150 million.
Bancor was founded in 2016 and aims to facilitate new business models for intermediators.
It seeks to increase liquidity and transparency in the financing of new businesses and businesses that could be impacted by the global financial crisis, said the group’s CEO, Anthony DiClemente.
The Bancurys platform has a focus on providing investment-grade, long-term loans, including to institutional investors, to businesses and startups.
The consortium has raised $8.7 million in financing from private and institutional investors and plans to raise another $4.3 million this week.
It said the funding comes from an investment in Binance, a blockchain platform launched by Chinese company Tencent.
Binance is a decentralized marketplace for blockchain-based investment.
It allows investors to invest in securities and other financial instruments on blockchain, where it is backed by the underlying data of every transaction in the market.
The platform allows investors, from traditional investors to startups, to buy and sell assets, and also allows companies to make investments with third-party blockchain-backed tokens.
Baidu is the leading global Internet search engine that has been instrumental in driving global Internet growth.
Baidu has recently raised $7 billion in new funding, including from Alibaba Group, China Mobile, and China Unicom, according to the company’s website.
In October, Baidus cofounder and Chief Executive Officer Lei Jun said Bancorp will continue to operate its platform and make its investments.
Bancorporations are required to comply with anti-money laundering regulations, but the regulations are not enforced uniformly across the globe, he said.
The funding, Bancori said, will support Bancorell’s strategic plan, including a strategic goal to create a network of over 100 global Bancorum tokens, with the primary purpose of facilitating investment of Bancoras token to institutional and institutional investor, the company said.
Bidding is scheduled to open Tuesday.