On Feb. 25 Gemini made an announcement that Filecoin will send ICO participants their FIL coins on Gemini’s custody platform after the project’s expected Q3 launch.
We are thrilled to announce upcoming support for the #custody of Filecoin $FIL. Filecoin is the reward and incentive token of the InterPlanetary File System (“IPFS”), a decentralized cloud storage network ☁️ Learn more about Filecoin here ⬇️https://t.co/cGJUxgYe0i — Gemini (@Gemini) February 25, 2020
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,”
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.
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.
Filecoin said in a September 2019 blog post referring to its targeted launch dates:
“These windows are best estimates, and could potentially slide,”
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.”