The Coinone exchange and the crowdfunding platform Crowdy announced the suspension of raising funds through crowdfunding for blockchain developers. The announcement came two days after its formal launch.

Their initial plan was to help blockchain developers mobilize ‘supporters’ from South Korean investors through the Crowdy.

Under this program, blockchain developers could receive the local currency from investors. In return, blockchain developers would give tokens to the supporters.

This crowdfunding is almost similar to the initial coin offering. The only differences are rephrasing investors as supporters and receiving ‘donation’ or ‘contribution’ in South Korean currency.

Coinone said its initial plan was that its research subsidiary would provide analysis reports on domestic blockchain developers to the Crowdy. The Crowdy posts the information on its platform to help blockchain developers raising funds from investors through crowdfunding.

South Korea bans the initial coin offering or any form of similar fundraising by blockchain developers.