The Gemz token sale organized by Gems is officially over. Users were proposed through Koinify to buy the tokens at different values, increasing in time. A total of 38,564,769 GEMZ were sold, accounting for 2,600 BTC, or a bit more than $700,000 at today’s Bitcoin price. In addition, the company announced two days ago it has raised $400,000 in seed capital from private investment company Magma Venture Partners.
Based on Counterparty, Gems intends to “bring crypto-currencies to the masses” with a new kind of mobile social network, heavily based on crypto-tokens. Users will be rewarded for introducing new people to the network and advertisers will need to trade GEMZ to promote their products. The first version of the mobile messenger app (Android) is already available for free on Google Play.