Cryptocurrency

Giant Russian Crowdfunding Platform to Accept IOST Cryptocurrency from Global Investors

The IOST Foundation, an organization supporting the ongoing development of IOST (a scalable layer 1 blockchain network for mainstream online services), has announced that it has successfully completed its integration with Boomstarter.

Established in 2012, Boomstarter is among the biggest crowdfunding platforms in Eastern Europe. As noted in the announcement, IOST’s cryptocurrency will be used to raise capital for various blockchain projects listed on Boomstarter. 

800,000 Registered Users, 300,000 Unique Visitors Per Month

Since launch, Boomstarter has reportedly supported more than 2,000 different projects and has helped project founders and developers raise $7 million for various initiatives. The Boomstarter platform has attracted around 200,000 investors located throughout Eastern Europe.

At present, there are over 800,000 registered Boomstarter users and the online platform receives approximately 300,000 new visitors each month. According to the IOST Foundation, the widely-used crowdfunding platform may soon be accessible to investors in India, Africa, and Latin America.

Accepting Payments in Bitcoin, Ether, IOST

IOST’s partnership with Boomstarter involves accepting investments from international investors that will finance different projects from indie creators, developers, and makers. Payments will be accepted in Bitcoin (BTC), Ether (ETH), and IOST.

Boomstarter’s management is also planning to support transactions with iUSD, a stablecoin used by the IOST ecosystem. 

Non-Profit Healthcare Services Launched with Funds Raised on Boomstarter

One of Boomstarter’s most notable projects involved setting up and covering operational costs of hospitals located in remote villages of Guatemala and Nicaragua. Over $52,700 were raised through the crowdfunding platform via two separate campaigns. 

Total capital acquired for the hospitals was 125% of the fundraising target, with the initiative being backed by 1,919 different investors. The funds from the campaigns were used to establish a clinic in the mountains of Guatemala. The non-profit clinic reportedly serves more than 700 patients (mostly women and children) every month.

Another fundraiser supported by Boomstarter involved raising $32,000 in order to fund the launch of a reflective satellite into space. The initiative was introduced to promote interest and awareness about the importance of space exploration.

One of the main objectives of using reflective satellites is to obtain air density data, and learning how to brake satellites in orbit and “de-orbit them.”

Boomstarter to Operate IOST Partner Node

In addition to supporting the IOST cryptocurrency on its platform, Boomstarter will reportedly operate an IOST Partner Node. Boomstarter’s node was onboarded into the crypto’s ecosystem by IOST BEST Node, which also helped in integrating the IOST cryptocurrency onto the Russian crowdfunding platform. 

According to P2PMarketData, the Commonwealth of Independent States Region, which includes Russia, Ukraine, Moldova, Belarus, and Armenia, has recorded the fastest crowdfunding growth in Europe (465%) this year. 

Cryptocurrency transactions have also become increasingly popular in European countries suffering from high levels of inflation. 

In an email sent to 8btc, Jimmy Zhong, the Co-Founder of IOST, noted: 

“IOST views Russia and Eastern Europe as some of the most promising areas for expansion. Certain areas around the world — such as Eastern Europe and Russia — do not have as strong of a legacy financial system as the West or China, which means that the average citizen or small business entrepreneur may be overlooked and access to funding is quite limited.”

Zhong, a mathematics and computer science graduate from Emory University, added: 

 “As the crypto markets develop over time, more cryptocurrency use cases will start to emerge prominently in areas such as P2P lending, business loans, collateral, and international payments.”

About author

I enjoy writing about all topics related to Bitcoin, Blockchain, and other cryptocurrencies. The topics that interest me most are crypto regulations, quantum resistant blockchains, Ethereum and Bitcoin Core development, and scams orchestrated under the guise of ICOs. My academic background includes an undergraduate degree in Computer Science, with a minor in Mathematics from the University of Nevada, Las Vegas. I also possess a Master of Science degree in Psychology from the University of Phoenix. While completing my coursework, I engaged in independent study programs focused on public-key cryptography and quantum computing. My professional work experience includes working as an application developer for the University of Houston, data storage specialist at Dell EMC, and as Teacher of Mathematics in the United States, China, Kuwait, and Pakistan.
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