Cobie’s Sonar Launches with Plasma ICO: $50M Raise at $500M Valuation
Crypto influencer Cobie debuts Sonar platform with Plasma’s $50M ICO, targeting a $500M valuation.
Crypto influencer Jordan Fish, known as Cobie, has launched the ICO platform Sonar through his investment firm Echo. The platform’s inaugural project, Plasma, is a blockchain designed specifically for stablecoins. Plasma aims to raise $50 million by selling 1 billion XPL tokens, representing 10% of its total supply, at a fully diluted valuation of $500 million.
The XPL token sale commenced today and will run for two weeks. Global users can participate, except for residents of the UK and sanctioned regions. U.S. participants will face a 12-month lock-up period, while most other participants will have a 40-day lock-up. Investors are required to deposit stablecoins like USDT, USDC, or USDS into the Plasma Vault on Ethereum.
Plasma has already secured $24 million in investments from notable figures such as Peter Thiel, Cobie, and the CEO of Tether. The project’s mainnet is currently in private testing and is expected to launch by late summer.
