Former Australian cricket captain Michael Clarke has put his name behind an ICO, causing a stir in the Twitter community.
Clarke has endorsed Brisbane-based crypto exchange Global Tech, who is looking to raise up to AUD 50 million (USD 36 million) in its upcoming ICO. Global Tech, which was founded a little over a year ago by Andrew Mclean and Marlon Donaire, describes itself as a platform which:
“…combines premium education, important industry updates and a social platform, which is sure to revolutionize the way we invest and live. Our mission is to develop, advance and modernize the industry, making it more accessible, transparent and forward-thinking.”
— Michael Clarke (@MClarke23) August 8, 2018
Australian cricket is very much under the microscope at the moment, so it is unsurprising that the announcement that Clarke was involved with the ICO launched the usual negative Tweeting. The comments were spurred on by the recent ball-tampering scandal which involved yet another ex-captain of the national cricket team, Steve Smith, after sandpapering a ball in a test match in South Africa this year.
One such detractor was Bronte Capital founder John Hempton (also known to some for his appearance in an episode of the Netflix series Dirty Money). Hempton commented that Clarke was “squandering his reputation on an initial coin offering” adding:
“Whether Michael Clarke is breaking Australian law regarding advertising investments with this Tweet I will leave for ASIC and their lawyers to decide.”
ffs, ex Australian cricket captain in an ICO.
Suggest Mr Clarke you just buy sandpaper.
It will do less damage to your reputation… https://t.co/lyoHNxm1aS
— John_Hempton (@John_Hempton) August 8, 2018
The Global Tech founders admit that the sector does include scams and illegitimate companies but wants to address this issue with its own ICO arguing that there are still many “fantastic blockchain and cryptocurrency companies” in the industry. The company declares that:
“Andrew and Marlon propose to bring legitimacy back to the industry with a community and education-based trading and exchange platform. With their revolutionary vision and entrepreneurial ethos, they spent months tracking down the right people to create the perfect team, and make their vision a reality.”
Business crowdfunding has been an issue this year in Australia’s burgeoning crypto community. The corporate regulator, ASIC, has introduced measures to protect investors, along with the Australian Competition and Consumer Commission, sending some ICO plans back to the drawing board.
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