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Hydra, Russia’s world famous darknet marketplace, has set itself a target of raising $146 million through initial coin offering (ICO) in a bid to expand its reach globally.
Hydra released an investment memorandum on its darknet website where it revealed its plans for raising money for a global expansion. According to the document, the first phase of the ICO will be initiated on December 16. The crypto token in question will be priced at $100 and will be available on the website’s purchase platform. The memorandum mentioned that buyers who commit to purchasing 100 tokens will be granted a 0.00333333 percent share of Hydra’s profit in Bitcoin(BTC)trade.
Hydra manages one of the largest online darkweb market portals (such as the infamous Silk Road) where illegal products and services are purchased. The range of the products include drugs, illegal weapons, counterfeit money and much more.
Despite global restrictions and condemnations, Hydra has set out with a roll out of a crypto-based financing model to launch a massive expansion campaign to reach far corners of the globe where the concept of the darkweb marketplace is not yet prevalent. The management at Hydra boasts that this new campaign will “start a new era in the West. The scale of expansion is hard to imagine.”
Fundraising via Crypto to Expand Global Reach
The concept of a darknet marketplace and cryptocurrency is lucrative for many because it promises unstinting anonymity on top of strong security where buyers and sellers can exchange any product without restriction and without ever having to meet with each other. The convenience with which the whole marketplace functions is the selling point of this illicit trade network. The management at Hydra now wants to cash on this concept to introduce their marketplace to beyond its current limited reach.
The primary objective of the ICO in question will be to collect enough funds for the development of the Eternos, an interactive darknet marketplace that will support an anonymized messenger, a crypto exchange and an onion-router based anonymized browser. This all in one package will enhance the user experience to make the trade for buyers and sellers easier and convenient.
The platform’s website is not accessible with regular browsers. A huge chunk of the global internet population cannot access the dark web under normal circumstances since most people use traditional web browsers. A special anonymized browser, such as Tor (which recently began accepting donation in Bitcoin), is required to navigate the hidden layer of the internet. The special setting relies on the principle of anonymity to facilitate the trade of illicit products and services on the portal.