In May 2017, with a white paper and a small team of developers mostly located in Belgrade, Serbia, MobileGo raised $53 million in an initial coin offering (ICO). At the time, ICOs were new to the world of finance. Unlike initial public offerings, or IPOs, they required no lawyers, bankers or regulatory approval and were more akin to Kickstarter-style crowdfunding, except funds were raised in cryptocurrency, typically bitcoin or ethereum