A few days ago, a startup called Bancor raised around $153 million in two hours and twenty-five minutes.
The ICO, short for initial coin offering, followed several similar, equally successful funding events, and the numbers are rising. Prediction market Augur raised around $5.2 million over two months in 2015; this year, its competitor Gnosis raised $12 million in just 15 minutes.
And we could only be getting started.
SEE ALSO: Bye, Bitcoin. Hello, Ethereum.
The initial coin offering (sometimes also called a token crowdsale) is, in certain ways, similar to an initial public offering. Instead of stock, in an ICO a company sells a number of cryptocurrency tokens. Read more…