GigTricks completed their private sale on 25th May 2018, the amount raised hasn't been announced yet and it's unlikely the total will be disclosed until the ITO has ended.
The team also stated that they 'successfully completed' their private sale, this leads me to believe they fully sold the tokens that they had allotted for the private stage of the ITO. Unfortunately this figure hasn't been made available to the public so it's hard for me to speculate on the exact amount sold.
In an update GigTricks shared on their Medium page the team, including CEO Amir Shaikh and cofounders Omair Latif & Sadiq Hameed, have taken the decision to lower the ITO soft cap from $5m to $2.5 m USD and reduce the hard cap from $50m to $35m USD. This might sound like they are lowering their targets and being pessimistic but in my opinion it's a good move.
The reason why I think lowering GigTricks soft cap/hard cap is a good move is because the next couple of months could be a tricky time for crypto markets and I can see BTC, ETH and alt coins remaining in a bear market until there is some good market news, press releases and some other bullish sentiments. Therefore it's better during these market conditions to set a realistic and more achievable fundraising target.
GigTricks announced that they have revised their target to focus on the development of their GigTricks freelance & on-demand ecosystem.
This is positive news for investors because sometimes crypto projects fall behind on development when they focus too much on the the marketing and promotion of their token sales. It's great to see GigTricks are taking the development of their blockchain platform seriously and they want to get everything in place before their Beta release in Q4 2018.
In their report, GigTricks revealed they will now be accepting fiat payments for their Pre-Sale, investors will be able to pay by ETH, BTC, bank transfer, Visa and Mastercard. This will open up the token sale to a greater reach of investors and it will simplify the purchasing process for new investors because they do not need to convert their fiat to ETH or BTC before buying their Gigbit (GBTC) tokens.
The GigTricks team are also in talks with HitBTC about a potential listing on their exchange. HitBTC is a massive exchange and it would be a fantastic achievement if GigTricks could get an agreement to be listed on their website as soon as the token sale has ended. It's a top ten exchange and they have very high levels of volume which will be key for GBTC tokens progression in the future.
It looks like everything is starting to come together for GigTricks, the successful private sale, the potential listing on HitBTC and the increased focus on the development of the Beta platform are great signs that the team are working hard and ready to be a success.
GigTricks Token Sale Details:
Private Sale: Completed on 25th May 2018
Pre Sale: Starts on 1st July 2018 ends 30th July 2018
Main Sale: Starts on 1st September 2018 ends 30th September 2018