ZrCoin, a crowdfunding investment campaign, has announced the collection of $3.7 million in funds over the course of two weeks of its ICO on the Waves Blockchain Platform. The funds will be used to start production of synthetic zirconium in the Urals, with an initial capacity of 400 tons/month in 2018.

More than 1,500 investors took part in the project over two weeks, helping the initiative to pass its minimum funding threshold of $3.5 million. The funds collected include:
• 670,694 USD
• 444 BTC
• 651,430 WAVES
• 2,837 LTC
• 3,120 ETH

Andrey Nikonorov, ZrCoin co-founder, commented: “We want to thank investors for their sup-port during the ICO, and we can now confirm that the plant for the production of raw materials in high demand by the industry will be launched. Thanks to blockchain technology, it was possible to attract financing in an extremely short period of time. The bold decision to offer a new investment vehicle backed by the commodity that we plan to produce was met with interest. We now expect that we will be able to raise enough funds for the construction of a second facility. More and more start-ups are choosing ICOs as a way to gain funds for development, and our team is proud to be among the first projects in the cryptocurrency sector with real-world application.”

Previously, the project team invested its own funds in the development of technology for the production of synthetic zirconium, using waste products from the metallurgical industry. ZrCoin invested $1 million in ‘green’ technology for the production of zirconium dioxide, an in-demand commodity in the manufacturing industry. Its unique feature is the synthesis of this product from industrial wastes. The project combines cutting-edge financial technology with the environmentally safe production of the popular fire-resistant material – synthetic zirconium dioxide (ZrO2).

The cost of 1 kg of zirconium dioxide (ZrO2) was used as the basis for the blockchain token, is-sued by ZrCoin. ZrCoin was initially sold on the market at a price of $1.40, and over the course of the ICO its cost will gradually increase to $1.55. As soon as production and delivery begin, tokens will be re-purchased from investors at the market price of the commodity ($2.80). Physical delivery of zirconium based on token ownership is also possible. After the crowdfunding campaign ends and the ZrCoin token is created and distributed using the Waves blockchain, it can be transferred to exchanges for trading.

The first plant will be located in Magnitogorsk in the Chelyabinsk Region. Construction and launch of the first production line are scheduled for Spring 2018.