Jur completed the public phase of their funding with the conclusion of their IEO on OceanEx GO!
Zug, August 29th 2019
After the debut, here it comes the grand opening.
As the first project selected by OceanEx to launch their platform, Jur understood the importance of developing a token model with both utility and a focus on long-term sustainability. Participation numbers vastly exceeded the target hard cap, as the community completed the 100 million JUR token target using only 25 minutes from the 4 hours allotted.
The 28th of August saw a number of firsts: The first Initial Exchange Offering (IEO) by the OceanEx GO! Platform, the first distribution of the JUR token, and the first Legal Tech decentralized application to be launched on the market through an IEO. This represents an incredible opportunity to drive innovation in the legal sector and bring new attention to Jur’s core product offerings.
Users were able to subscribe to the IEO using either VET or OCE, with 80 million JUR allocated for the VET subscription and 20 million reserved for OCE holders. With the price set at 0.02 USD per JUR token, the $2 million subscription cap was quickly filled. Over the four hour period, the token demand exceeded the IEO hard cap by more than 5 times, with the VET Special pool finishing at 400% and the OCE special pool closing at 942%. In total, the collective amount of the subscribed funds was valued at over $10 million USD.
Jur’s CEO Alessandro Palombo was enthusiastic about the success of the IEO. He stressed the importance of this being the first of many big milestones.
We arrived here on different boats, from different walks of life. Everyone with their own ideas, attitudes, and preferences. Now we are on the same boat and there will be one main priority: to build value that can enact positive changes. Welcome Jurers, let’s make it together!Alessandro Palombo, CEO of Jur
The JUR token will be needed for the use of the Jur Beta Platform, a disruptive blockchain-powered smart legal contract editor and dispute resolution system. The Jur Editor allows users to create and customize legal contracts that are automated using the JUR token. The Open Layer is a revolutionary approach to dispute resolution that relies on a decentralized crowd-based model to solve disputes with time and expenses reduced to a minimum.
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With initial token distribution now complete, Jur can focus on delivering products that promise to disrupt the traditional legal justice model. The Jur Beta Platform was designed to encourage the active participation of its global community, making it one of the first working examples of the blockchain successfully integrating into traditional business processes.
The JUR token has been traded on OceanEx since September 4th.
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