Civic CEO Vinny Lingham has said the startup will “likely become a non-profit foundation” before it grows big enough to stage an initial public offering (IPO).
In response to a Twitter request, Lingham said the plan for Civic was “not to build a company” but a “new type of public utility.”
We'll likely become a non-profit foundation before then. We aren't building a company. We're creating a new type of public utility (CVC)! https://t.co/SeQORvP0Rf
— Vinny Lingham (@VinnyLingham) August 11, 2017
Lingham can already look far into Civic’s future after its CVC token, which debuted at $0.10 during its ICO in July, shot up to a high of $0.69 Friday.
On Wednesday, CVC was trading at $0.22, the highest level it had achieved since launch at the time.
Analysis of cross-exchange data shows the token as the clear winner this week in cryptocurrency, beating off competition from every other asset excluding Gas.
Investors are eagerly awaiting further news from Lingham, who has promised there is “more to come” in terms of announcements for the project.
This week nonetheless has seen a meteoric ICO campaign dwarf the gains set by any sale thus far. Data storage network Filecoin raised $200 mln in just 60 minutes before pausing its sale to iron out technical issues Thursday.
Update: Sale is still paused, will resume with notice. We'll update again when there's more to report. Stay tuned & thanks for the support!
— Filecoin (@MineFilecoin) August 11, 2017
The huge gains add to Filecoin’s existing $52 mln which it raised during a pre-sale. The funds combined are similar to Tezos’ figure, the latter ICO nonetheless being uncapped and spread over a 12-day period.