Cryptelo, a Czech-based company developing technology for encryption storage and data transfer,began issuing its own cryptocurrency. Just three days into the pre-sale, Cryptelo sold 25 million tokens, worth $1 million [20 million Czech crowns].

The pre-sale began on January 19 and ends when 100 million tokens have been purchased. Tokens will be made available to the general public after the pre-sale has ended. The price of one token is $0.1. Tokens can be purchased through the digital currency Ethereum. The goal is to raise a total of $12 million in pre-sales and subsequent sales.

The token value over time depends on how CryptoLogic works. Buyers earn when the Cryptelo token value increases. The more people who manipulate with Cryptelo currency, the more people will use Cryptelo products and services, and the value of this currency will grow.

"After the owners‘ tokens have been sold out, we are free to dispose of the crypto currency and sell the tokens. Our tokens are freely tradable for another digital currency, such as Bitcoin, etc." says CEO Martin Baroš.

Cryptelo is one of the world's leading providers of secure sharing and storage. It was created withthe support of Startup Yard. One of Cryptelo‘s founders is world-renowned Czech cryptologist and electronic security expert Vlastimil Klima.

"Cryptelo is proven by the world's leading ethical hackers. We provided them with our source code during penetration tests.Still, they could not break Cryptelo. Thanks to this,those who use our secure technology can be confident that no one can access their data, not even us at Cryptelo, "says Baroš.

The company is built on the belief that the security level in the digital world defines security in the real world. Its goal is to ensure data security for businesses and individuals.

How cryptocurrency and Cryptelo coins work

"The crypto world has a much wider use today than just investing in digital currency. Bitcoin is the most well known cryptocurrency. It is associated not only with investment, it has successfully penetrated into the real world and can be used to buy direct services, which other digital currencies have yet to allow. Our currency(CRL) is intended for payment of services such as the Cryptelo Platform. This will become the engine for activities in secure encryption environments," Baroš explains.

Cryptography and programming

Cryptelo combines knowledge of cryptography and programming. Cryptelo currently has two existing products. Cryptelo Drive and Cryptelo Key Ring. Both are built on Cryptelo Platform, encryption technology for ultra-secure data transfer and storage.

The goal of the ICO is to open the platform to developers and companies around the world, enabling simple implementation of encrypted data storage and key management, based on top cryptography and blockchain technology that Cryptelo has spent seven years developing.

"Our solution combines two ways to achieve maximum data security. First. secure encrypted data storage. Secondly, cryptographic key management that is based on blockchain technology. This combination allows innovative features such as the option to remove access to a file you have already sent by email. The data will always remain in your hands,"says Baroš.