$257 million ico task Filecoin has new launch schedule, Gemini custody

After going through multiple delays, filecoin (fil) is now searching closer to the main net release in q3 2020 — so that you can be supported through a Gemini exchange solution.

A record storage solution

The filecoin project is a decentralized storage system based totally inside the cloud. Its interplanetary file system, or ipfs, calls for fil coins as payment to miners in trade for storage space.

“filecoin believes this decentralized version will lessen storage charges and provide a compelling alternative to current centralized cloud storage offerings,” Gemini stated.

The exchange stated it is also searching into regulatory approval with the New York state Department of Financial Services, or nysdfs, for fill trading on Gemini.

A long time coming

Filecoin raised $257 million among august and September 2017, accomplishing its ico at the peak of the crypto bubble even as touting sec compliance.

After more than two years, but, the project still has not launched its mainnet. As lately as september 2019, filecoin aimed to fire up its testnet in December and release its primary network in q1 2020, even though the venture stated the dates have not been set in stone.

“These windows are best estimates, and will probably slide,” filecoin stated in a September 2019 blog publish referring to its focused launch dates.

The project is now looking closer to the latter half of 2020 to eventually emerge from the number one improvement, according to a newly posted roadmap in which filecoin mentioned that “we’re racing as fast as we are able to launch the filecoin network securely.”

Cointelegraph reached out to Gemini for extra information, however acquired no reaction as of press time.