EF Hutton, the American stock brokerage firm, intends to raise $60 million for issuing cryptocurrencies starting from January 2019.

The parent company of EF Hutton HUTN would offer crypto-related instruments, coins, and tokens that are expected to generate a minimum of $60 million. White papers have not been released yet, their publication is planned for this autumn.

In the same week as the announcement, it was confirmed that EF Hutton is indeed the primary sponsor of ACEx a new US-based crypto exchange that will begin operating in January 2019.

The stock brokerage firm was founded in 1904 and became widely known in the 70s and 80s for its television commercials. During the mid-80s due to a scandal, EF Hutton was sold.

The alleged $60 million would be used to fund marketing, technology, and some corporate expenses. Christopher Daniel HUTN CEO believes that the key to a successful ICO is to convince the users of the blockchain peer-to-peer functionality.

The company is certain that its future ICOs will gather many investors and end strongly. An Initial Coin Offerings advisor was hired prior to the press release. That person has enough experience in the crypto market and will provide the needed insight.

Most of the ICOs from last month collected the smallest amount since May 2017, and 50 percent of all the ICOs could not maintain the progress and failed soon after they were released.

The shares of the HUTN company have not changed and are sold for 74 cents in over-the-counter trading. On average, the stock trades around 3,000 shares a day.

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