AICoin, an investment vehicle that works as a collective combining the power of artificial intelligence with the wisdom of the crowd, has ended its ICO subscription period, having successfully raised over $3 million.

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Gavin Smith, the CEO of First Global Credit, talked about the project with Finance Magnates before the start of the ICO:

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He explained that the strategy combines two interrelated investment streams. The first stage will use the funds collected during the ICO to make short term trades in multiple cryptocurrency markets using artificial intelligence models. The second stage will take trading profits and make seed investments in startups in the fields of AI and blockchain. These investments can be taken in the form of a traditional equity stake or in the purchase of ICO tokens.

Investment Board

The AICoin Investment Board will be made up of five members; two appointees will be selected from the developers of the trading models (First Global Credit). One appointee will be an independent representative – Jon Matonis, one of the original founders of the Bitcoin Foundation, has agreed to take on this role – and two appointees will be elected from the population of AICoin token holders.

Any AICoin token holder is eligible to put themselves forward as a board candidate. There will then be an on-blockchain election in which token holders will vote. After the initial candidates are elected, there will be follow-up elections every year for one of the two posts.

The primary responsibility of the board will be the preliminary review of investment proposals for funding, narrowing the number down to no more than five every quarter. The finalists will then be presented to the token holders who will vote on which will receive funding that quarter.