Tim Draper is at it again. The billionaire VC has bought 10% of all Credo tokens in the initial coin offering (ICO) for Credo, a new cryptocurrency that solves the problems of email spam which costs the global economy an estimated $20 billion per year. Credo’s official ICO for the public is taking place on July 26th.
Draper made tidal waves in the investor community last month by investing in both the companies that created Tezos and Bancor, two leading new tokens. He was also the winner of the U.S. Marshall’s Bitcoin auction, making him one of the leading owners of Bitcoin. Draper is taking an active interest in tokens to transform society for the better.
“Token offerings allow entrepreneurs a new way to transform society. They are doing everything from banking the unbanked to streamlining how people transact business to helping secure people’s identities. Credos solve the SPAM problem, allowing legitimate advertisers to pay to connect, while allowing people to put value on their time and attention.”
Credos will be transforming email into a market system. Draper previously made multiple investments in Credo’s parent company BitBounce. The Credo token will be used via the BitBounce email solution. BitBounce solves spam by charging a fee for emails from email addresses that are not on a whitelist. That fee can be paid for in Credo or Bitcoin. The result of this solution is that your inbox only contains emails from people you know and those emails you’ve been paid to receive.