$257 Million ICO Project Filecoin Has New Launch Schedule, Gemini Custody Solution

After facing multiple delays, Filecoin (FIL) is now looking toward a mainnet launch in Q3 2020 — which will be supported by a Gemini exchange custody solution.

Filecoin will send ICO participants their FIL coins on Gemini’s custody platform after the project’s expected Q3 launch, Gemini said in a Feb. 25 announcement.

A file storage solution

The Filecoin project is a decentralized storage system based in the cloud. Its InterPlanetary File System, or IPFS, requires FIL coins as payment to miners in exchange for storage space.

“Filecoin believes this decentralized model will reduce storage costs and offer a compelling alternative to existing centralized cloud storage offerings,” Gemini said.

The exchange said it is also looking into regulatory approval with the New York State Department of Financial Services, or NYSDFS, for FIL trading on Gemini.

A long time coming

Filecoin raised $257 million between August and September 2017, conducting its ICO at the peak of the crypto bubble while touting SEC compliance.

After more than two years, however, the project still has not launched its mainnet. As recently as September 2019, Filecoin aimed to fire up its testnet in December and launch its main network in Q1 2020, although the project said the dates were not set in stone.

“These windows are best estimates, and could potentially slide,” Filecoin said in a September 2019 blog post referring to its targeted launch dates.

The project is now looking toward the latter half of 2020 to finally emerge from primary development, according to a newly-published roadmap in which Filecoin noted that “We’re racing as fast as we can to launch the Filecoin network securely.”

Cointelegraph reached out to Gemini for additional details, but received no response as of press time.