On December 10th, Kevin Simback, COO of Delphi Labs, published an article questioning the rationale for the privacy blockchain project Octra to conduct a public offering at a valuation of $200 million. He stated that over a year ago, they completed a $4 million seed round of financing, and he estimated that the valuation at that time was at most $40 million. Now, the valuation has increased by more than five times, and a few months later, they are conducting a TGE (Treaty-Free Group) with "almost no real demand."
In response, Octra co-founder Alex stated that he did not know Kevin Simback. He emphasized that Pre-seed's low valuation was due to the team only having a white paper and initial concept at the time, representing a typical risk premium; however, the project has now completed sandbox testing, possesses complete mathematical documentation, an open-source PoC, and a fully functional network that has been running stably for several months, thus justifying the increased valuation.
As previously reported, Octra Labs, the team behind Octra, will hold a public token sale on the Sonar platform on December 18th. Sonar is a token issuance platform launched by Echo, the ICO platform recently acquired by Coinbase and founded by Jordan "Cobie" Fish. This week-long token sale aims to raise $20 million, selling 10% of the total OCT token supply, corresponding to a fully diluted valuation (FDV) of $200 million.
