French start-up DomRaider recently revealed plans to create a blockchain-powered platform for the auctioning of products and services. Known for auctioning expired domain names, the founder of DomRaider, Tristan Colombet, announced the launch of an ICO campaign to fund this new open-source solution which would manage auctions on the blockchain in real-time.

Proceeds from the token sale will be partially used to develop the auction platform and partially to accelerate DomRaider’s development on an international scale –the company already has a presence in Italy and Sweden and will be expanding to Canada and the U.K. in October.

By employing a blockchain-based solution DomRaider’s aims to be scalable, reliable and transparent; providing publicly verifiable auctions that are tamper-proof thanks to the immutable nature of blockchain technology. The solution is designed to be global with a generic interface, and a fast bid consensus – less than a second – with a low transaction cost.

Colombet commented: “We are very enthusiastic about the idea of launching the first ICO carried out by a French company with a proven track record over the last four years. It is an important springboard for the development of DomRaider, and it fully illustrates the emergence of the blockchain within the real economy. Through this ICO, we aim to apply this technological revolution to transform the global auction industry.”

The DomRaider ICO starts on the 12th of September, 2017 and ends on the 11th of October, 2017. During the sale, the company will issue almost to 1 billion ‘DomRaider Tokens’ - DRT. A pre-sale of tokens is now open to the public. So far, over 130 million tokens of the maximum of 262.5 million planned for the pre-sale have already been sold.

As a service for recovering expired domain names, DomRaider has raised 3.5 million euros since October 2016, with an initial round of 2 million euros from the Eefficiency investment fund, followed by a second round of 1.5 million euros in May 2017 from Crédit Agricole, CIC, Banque Populaire and BPI France. The company now employs more than 33 employees spread over France, Sweden and Italy, and soon in Canada and the U.K. as of October.