Wikipedia Is “Absolutely Never” Conducting an ICO, Says Co-Founder Jimmy Wales

Francisco Memoria
  • 1 Aug 2018
  • /
  • In #ICO
  • Wikipedia founder Jimmy Wales recently revealed the non-profit organization is "absolutely never" going to conduct an ICO.
  • The website, the fifth most popular in the world, currently survives off of community donations.

Wikipedia co-founder Jimmy Wales recently revealed the non-profit online encyclopedia is “absolutely never” going to conduct an initial coin offering (ICO). Wales himself is a well-known cryptocurrency critic, who’s dismissed the fundraising method in the past.

Speaking to Business Insider after attending the BlockShow conference in Berlin, Wales clarified Wikipedia will never attempt to raise funds through an ICO. He said:

We are absolutely never going to do that. Zero interest.

Jimmy Wales

Currently the website, the fifth most visited in the world, survives off of community donations, a practice Business Insider touts as have been perfected by Wikipedia itself. Per Wales, it manages to raise its funds after conducting various A/B tests on the platform to get people to pull out their wallets.

The website’s lack of interest in cryptocurrencies and initial coin offerings saw the interviewer ask why Wales attended the BlockShow conference. Per his words, blockchain technology, despite his reservations, is a “super-interesting technology,” that’s “clearly a bubble with a lot of mania and hype around it.” Moreover, he added people pay him to speak at conferences.

Notably, Wales claimed the cryptocurrency space is “absolutely, definitely in a bubble,” during his speech at BlockShow, as CryptoGlobe covered at the time. He further promoted his new for-profit venture, WikiTribune, an organization “completely separate from Wikipedia” that sees voluntaries contribute news and research to create “evidence-based journalism.”

Per Wales’ words, the cryptocurrency space is in “serious need of real journalism,” a problem that saw him present WikiTribune as a solution. Per the entrepreneur’s words, the platform came as a response to “recent attacks on the media and terms like “fake news”.”

In October of last year he warned against ICOs as these are “absolute scams and people should be very wary of things that are going on in that area.” Earlier this year, a study found that as many as 80% of ICOs conducted last year were scams, who managed to get 11% of the funds raised last year, while 70% went to “higher quality projects.”

The Wikimedia Foundation has been accepting bitcoin donations since 2014, shortly after Wales claimed he was “paying” with the flagship cryptocurrency. As CryptoGlobe covered, the most prolific editor of Bitcoin’s Wikipedia page is a Czech grandpa, who doesn’t own any crypto himself.

Bittrex Cancels First Initial Exchange Offering Over Project's Business Status

Francisco Memoria

Leading cryptocurrency exchange Bittrex has recently canceled its first initial exchange offering (IEO) over changes to the business status of the project that was going to sell its tokens through it.

As CryptoGlobe recently covered, the cryptocurrency exchange was set to host the token sale of RAID’s XRD token, which would be native to its blockchain-based gaming platform. The South Korean platform was looking to raise $6 million.

Through a new update, Bittrex revealed it canceled the IEO over worries a “significant” change to RAID’s business status put into question whether the sale was in the best interest of its users. The update reads:

We decided to cancel the IEO as a result of significant changes in the business status of RAID. Specifically, a few hours ago, OP.GG terminated its strategic partnership with RAID, which was a vital part of the RAID project.

OP.GG was RAID’s core partner, and both wanted to together create a “more transparent gaming data ecosystem.” The reason behind the partnership’s end isn’t clear at press time.

RAID, as covered, was set to sell 17 billion XRD tokens exclusively on Bittrex. These would be purchasable with bitcoin only, at a price of 0.00000010 BTC per token. Investors would be able to purchase a maximum of 57 million XRD, and to invest they’d have to buy at least 30,000 tokens.

Bittrex’s IEO was the platform’s response to Binance’s token launch platform Launchpad. The Launchpad is set to sell one new token every month to users, and started with BitTorrent’s native BTT token. Recently, its Fetch.AI token sale ended in “about 10 seconds.”

Bittrex has earlier this year led a $1.5 million funding round in a cryptocurrency trading platform over its “tremendous untapped potential.”