Cambridge Analytica Planned ICO Before Facebook Controversy: ReportsApril 18, 2018 5:56 pm
Cambridge Analytica, the firm at the center of the Facebook user data uproar for misuse of user data, had reportedly planned to organize its own initial coin offering (ICO) before news of the Facebook issue broke, CoinDesk reported Wednesday.
A Reuters report citing anonymous sources said Cambridge Analytica was originally expecting to raise nearly $30 million via the launch of its own cryptocurrency and was in contact with a firm that advises how to structure an ICO.
While it’s unclear if the ICO will move forward, the company told Reuters it currently plans to develop a blockchain platform that would give users control of their own information, CoinDesk reported.
The New York Times reports the firm’s ICO plan started in mid-2017 with the aim of building a system that would secure users’ personal data so it could be sold to advertisers, the report said.
“Who knows more about the usage of personal data than Cambridge Analytica?” Brittany Kaiser, a former employee of the firm said. “So why not build a platform that reconstructs the way that works?”
Reports come as the firm is under international scrutiny over the way it acquired data on possibly as many as 87 million Facebook users, CoinDesk reported.
Cambridge Analytica is best known recently for being hired by President Donald Trump’s campaign prior to the 2016 election and was also involved in the “leave” campaign of the British Brexit referendum in 2016.
– WN.com, Jack Durschlag