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Asia news roundup: Electrify in $30m ICO, fengshui upset at Zen, and SixCap bankruptcy bid

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Michael Rase
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Electrify raises US$30 million in token sale (Singapore).

The startup is developing a blockchain-based marketplace for household energy supply deals, in the run-up to the liberalization of Singapore’s energy market next month.

Electrify said that prospective token buyers pledged the equivalent of US$1.3 billion during its ICO.

However, APACIG portfolio company Zen Rooms – which dismissed around 10 percent of its team last week – is reportedly being shopped around to potential buyers as its funding runway is close to drying up.

But investors filed police complaints against the startup last December, saying it had stopped making payouts in June and that its bank accounts had been suspended.

RateX nets US$2.3 million for app launch and regional expansion (Singapore).

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Michael Rase
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